Silver Price Forecast – Silver Markets Quiet On Tuesday

Silver markets continue to grind sideways as we await some type of catalyst to get moving. At this point, it’s obvious that the markets are simply waiting for some type of catalyst to either be “risk on” or “risk off.”
Christopher Lewis
Silver daily chart, October 23, 2019

Silver markets have done very little during the trading session on Tuesday, as we continue to hug the 50-day EMA. That is an area that obviously will attract a certain amount of attention as the 50-day EMA is a longer-term trend following indicator. Most traders around the world are at least mildly aware of the area, so will be paying quite a bit of attention here. The uptrend line underneath good offer support, and although the moving average is starting to flatten out a bit, we are still technically at an uptrend and that should not be forgotten. Because of this, I still prefer buying silver, but I also recognize that a certain amount of patience will probably be necessary.

SILVER Video 23.10.19

To the downside, not only will the uptrend line offer a bit of support, but I suspect the $17.00 level will as well. It’s a large, round, psychologically significant figure, which of course always attracts a certain number of headlines. The $18.00 level above should continue to be resistant as well, so a break above that level would in fact triggered fresh buying in the market as it would be a strong assertion of bullish momentum. Overall, this is a market that I think will continue to grind sideways before finding a reason to go higher. However, if we were to break down below the $17.00 level then we need to start thinking about a more bearish attitude in the market, and perhaps start targeting that $16.00 level next. At this point, we are in an area that should cause a certain amount of inflection.

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