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Silver Price Forecast – Silver Markets Rallied Into The Weekend

By:
Christopher Lewis
Updated: Feb 21, 2020, 18:24 UTC

Silver markets rallied into the weekend to gain yet again on Friday. The $18.50 level looks to be a little bit of resistance, but quite frankly this point I think it’s only a matter of time before the market breaks through there due to central banks to loosening monetary policy.

Silver

Silver markets rallied a bit during the trading session on Friday to pierce the $18.50 level, which of course has a certain amount of psychological importance built into it. That being said though, I think that part of what may have slowed down silver is the fact that we were going into the weekend. At this point in time, the market looks very likely to see some type of pullback, but I do think that it should offer value. Central banks around the world continue to loosen monetary policy and that is going to be good for not only silver but also gold. For what it’s worth, gold markets have rallied quite significantly, and it is quite common for one of these markets to move ahead of the other one, thereby dragging the laggard right along with it.

SILVER Video 24.02.20

To the downside, I believe that the uptrend line and the 50 day EMA both will come into play in order to support silver from a technical analysis standpoint, but quite frankly I don’t think that happens anytime soon. That being the case, I like the idea of buying dips as it offers value in silver, but if we do break above the top of the candlestick for the Friday session then it’s likely we go looking towards the $19.00 level above. Given enough time, I do believe that the market goes looking towards the $20 level. That being said, it may take some time to get there.

About the Author

Being FXEmpire’s analyst since the early days of the website, Chris has over 20 years of experience across various markets and assets – currencies, indices, and commodities. He is a proprietary trader as well trading institutional accounts.

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