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Silver Price Forecast – Silver Markets Shoot Higher But Give Back Gains

Silver markets did rally significantly during the trading session on Wednesday but found enough resistance to turn things around and form a shooting star. This was initially due to the Iranian missile strike, but as things look likely to cool down, the Russian to safety is abated.
Christopher Lewis
Silver Price Forecast - Silver Markets Shoot Higher But Give Back Gains

Silver markets initially spike much higher during the trading session to reach towards the $19.00 level. This is an area that has seen resistance for some time, and now has turned the market back around completely. In fact, it looks as if we are going to form a bit of a shooting star just at the uptrend line, showing that it is in fact going to continue to offer resistance. Ultimately, the market looks likely to continue to see a lot of back and forth, but I think at this point it’s very likely that the market will probably reach towards the $18.00 level where there is a significant amount of support just waiting to happen. The 50 day EMA underneath is going to continue to offer support as well, so it’s probably somewhat limited to the downside.

SILVER Video 09.01.20

That being said though, the market is overextended so it makes quite a bit of sense that we get a bit of a pullback. At this point, the market looks very likely to continue to see a lot of noise, but at this point we will probably focus less on geopolitical risks and more on inflationary or even central bank risks. At this point, if the market was to turn around a break above the $19.00 level, then the market could go looking towards the $20.00 level. However, it makes much more sense that the market pulls back in order to find support underneath and perhaps even more volume.

Please let us know what you think in the comments below

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