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Silver Price Forecast – Silver Markets Rally Again

By:
Christopher Lewis

Silver markets rallied again towards the $18 level during Tuesday trading, which was an area that had seen a lot of selling pressure.

Silver

SILVER Video 20.05.20

Silver markets rallied again during the trading session on Tuesday, reaching towards the $18 level again. By doing so, it looks like we could get a bit of a “blow off top”, but that would mean we need to slice through the $19 level, something that will take quite a bit of momentum.

At this point in time, the market is likely to continue to see a lot of buyers longer-term, but we are clearly seen a lot of trouble in this area. I think if that is going to be the case, it is likely that the $17 level underneath will continue to attract a lot of attention. That could be a short-term support level, but then after that the 200 day EMA will be a significant amount of support as well.

Furthermore, the $16 level, at least by the time we get down there, would also features the 50 day EMA. In other words, this is a market that has plenty of support underneath, so I would be cautious about shorting this market but clearly if you are

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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