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Silver Price Forecast – Silver Markets Rally Again

By:
Christopher Lewis
Published: May 19, 2020, 15:25 GMT+00:00

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

Chris is a proprietary trader with more than 20 years of experience across various markets, including currencies, indices and commodities. As a senior analyst at FXEmpire since the website’s early days, he offers readers advanced market perspectives to navigate today’s financial landscape with confidence.

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