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