Silver Price Forecast – Silver Markets Rally On Thursday

Silver markets have rallied a bit during the trading session on Thursday, testing significant resistance that we have seen over the last couple of weeks. The $18 level continues to be an area that people will pay attention to as resistance, so keep in mind that the market will probably continue to see a lot of volatility in this area but if we are willing and able to break above the $18 level, the market should continue to go much higher. At this point in time, the market should then go looking towards the $18.75 level.

SILVER Video 25.10.19

To the downside there is an uptrend line that should continue to cause the market to reach towards higher levels, as it keeps the uptrend intact. At this point in time it’s likely that the ascending triangle is going to kick off at the $18 level, but we may need several attempts to make it happen. The 50-day EMA continues to offer support, and of course central banks around the world are doing the same as they ease monetary policy. Silver will take its lead from gold, or vice versa as one tends to give a heads up on the other one, and gold has seen a strong move during the day. Getting above $18 will be the next task ahead, but it’s only a matter of time before that happens. Once it does, the market could rip to the upside rather rapidly. Otherwise, if we were to break down below the $17 level, that could open up the door to much lower levels such as the $16.37 level which is where the 200-day EMA currently sets.

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