Silver Price Forecast – Silver Markets Quiet To Kickoff Week
The silver markets have done very little during the trading session on Monday as traders continue to see very little in the way of determination when it comes to monetary flows. Furthermore, silver has not only a precious metals component to it, but we an industrial one as well.
The silver markets have rallied a bit during the trading session on Monday, as we continue to bounce around the 50 day EMA. Ultimately, this is a market that continues to hover around without any serious amount of confidence in one direction or the other. The 50 day EMA is flattening, and that of course shows that we are running out of momentum as well.
SILVER Video 11.02.20
Keep in mind that there are a lot of economic concerns out there and that does drive up the value of precious metals, but at the same time there is an industrial component to the silver markets which keep it a bit more depressed than other market such as gold. Ultimately, the market is probably going to like gold, but it does have more of an upward bias than anything else over the longer term. Furthermore, looking at the uptrend line, it still sits underneath and show signs of support in buying pressure. Ultimately, it’s likely that the market probably goes looking towards the $19.00 level above, which was a recent resistance barrier. If we can break above there, then it’s very likely that the market could continue to go higher, perhaps to the $20.00 level after that. If the market breaks down below the 200 day EMA, then it becomes more or less a selling opportunity as the 200 day EMA is so crucial for longer-term traders. I like the idea of buying silver, so therefore have no interest in selling.
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