Silver Price Forecast – Silver markets pulled back slightlySilver markets pulled back slightly during the trading session on Wednesday, reaching towards the $18.50 level. At this point, it’s very likely that the market will respect this area, but even if it doesn’t there is a significant amount of support underneath that should continue to come into play.
Silver markets continue to be very volatile but are still very much in and uptrend as you can see on the chart. Ultimately, the uptrend line underneath should continue to be important, and essentially determine the overall trend. The trend line now is testing the $18.00 level, which of course is a large, round, psychologically significant figure. Beyond all of that, keep in mind that the precious metals markets continue to be a safe haven for traders as there are a lot of negative headlines out there that have people in a “risk off” move. That being said, buying on the dips should continue to offer plenty of opportunities.
SILVER Video 26.09.19
What is worth noting is that the candle stick for the Tuesday session ended up forming a hammer that suggests the $18.50 level is going to continue to offer a bit of support, so at this point it’s likely that we will see some type of reaction to the marketplace in this area, but even if we were to break down that impulsive candle stick from the Monday session should continue to offer plenty of bullish pressure and confidence in the longer-term uptrend. Beyond that, if we break above the both Monday and Tuesday candlesticks, that means the market probably goes looking towards the $19.00 level, and then eventually the most recent highs, which are closer to the $20.00 level above. Obviously, that’s a huge number, so it may take a couple of attempts to get through there.
Please let us know what you think in the comments below