Silver Price Forecast – Silver Markets Sitting Just Below 50 Day EMA

Silver markets have been very quiet during the trading session on Thursday, as we are sitting just below the 50 day EMA. That being said, the market is worth paying attention to due to the fact that we are starting to see a bit of basing in this market, suggesting that perhaps we are trying to build up enough support to turn around and go higher. That being said, silver is of course very sensitive to the idea of what is going on with the US dollar, as there is an obvious negative correlation between the US dollar and silver as of late. Because of this, pay attention to the US Dollar Index, as it could give you a bit of a “heads up” as to where we go next.

SILVER Video 13.11.20

To the upside, if we can break above the 50 day EMA then it is likely that we make a return towards the $26 level where we had seen a lot of selling on Monday. It is difficult to imagine that it is going to be easy to make any particular type of trade, so having said that you will need to be very cautious about your position size, because silver does tend to move rather rapidly, and it is much thinner than the gold market although it does tend to move in the same general direction. Because of this, you should also keep an eye on gold if you plan on trading silver, as it can be used as a bit of a secondary indicator. I do not have any interest in shorting this market regardless.

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