Silver Price Forecast – Silver markets pull back

Silver markets pulled back a little bit during the trading session on Tuesday, as we had gotten so overbought during the Monday session. Ultimately, this is a market that continues to be bullish in general, but when you gain 4% in the same session, it’s not a huge surprise to see this market pull back. There is a massive trend line underneath that has held quite resiliently over the last several months, and I use that as the main guide as to where to go next.

SILVER Video 25.09.19

Underneath there, there is also the 50 day EMA, which of course will cause a certain amount of support as well. Selling at this point isn’t even a thought as far as I can see, and I believe that short-term bounces will be jumped on by longer-term traders. Silver is very likely to go reaching towards the $20.00 level given enough time, and that of course is my longer-term target.

All of that being said, if we were to break down below the red 50 day EMA then I would have to rethink some of the analysis. The $17 level would more than likely be a short-term target, and of course the blue 200 day EMA would have to hold in order to keep the uptrend intact. That being said though, with the massive amount of central bank easing and geopolitical concerns, it makes sense that precious metals in general continue to rise, and if history is any sign it’s likely that silver will outperform many of the others.

Please let us know what you think in the comments below