Silver Price Forecast – Silver Markets Rally To End The WeekSilver markets rallied a bit in the week, breaking above the top of the hammer from the Thursday session, looking at the market bouncing from the 50 day EMA as a strong sign.
Silver markets rallied a bit during the trading session on Friday, breaking above the top of the hammer from the Thursday session, breaking above the $18.00 level as well. At this point, it looks as if silver is trying to continue going higher, reaching towards the $19.00 level. At this point, the market looks as if it is ready to continue to grind to the upside, and that the 50 day EMA should offer plenty of support. If we can break above the $19.00 level, it’s very likely that the market will then go looking towards the $20.00 level.
SILVER Video 27.01.20
Central banks around the world continue to liquefy the markets and keep their monetary policy very cheap and lose, so with that being the case it’s likely that the value hunters will come back in every time it pulls back and eventually, we should continue to go much higher. I have no interest in shorting silver, at least not until we break down below the 200 day EMA, which is currently sitting just below the $17.00 level. Breaking down below there is a longer-term sell signal, but at this point it appears to me that the momentum has certainly shifting to the upside again, and therefore it’s likely that the overall attitude of this market should continue to see value hunting going forward and that’s how I am approaching it. I believe that buying short-term dips and building a larger core position makes quite a bit of sense. Choppiness continues to be the flavor to this market, but I do believe that we will have reasons to expect precious metals in general to climb.
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