Silver Price Forecast – Silver Markets Rally Towards Top of Range
Silver markets had pulled back a bit during the trading session on Friday, but then turned around to show signs of strength as the market reached towards the $16 level yet again. We have been trading between $14.80 on the bottom and $16.00 level above, in relatively tight trading. The 50 day EMA sits at the $15.50 level, and as you will be aware of, a lot of technical traders pay attention to this level in order to put money to work. That being said though, there is still the 200 day EMA above that will cause quite a bit of resistance from a longer-term traders. If we were to clear that level, then you will start to see longer-term “buy-and-hold” type of traders.
SILVER Video 11.05.20
Silver markets are showing signs of strength and it is only a matter of time before we continue to go much higher, and I believe that the $17 level will eventually be targeted. A longer-term bullish position is all that you can think that will happen based upon the last couple of days, and it looks as if we are trying to form massive support at the $15.00 level. It is a process, not something that happens overnight in of course you have to keep in mind that the silver market also has an industrial component to it, so that of course can cause some issues. At this point, I look at pullbacks as potential buying opportunities, but I also recognize that using extraordinarily little in the way of leverage is probably the best thing to do, as the market is very noisy.