Silver Price Forecast – Silver Markets Slump On Friday

Silver markets initially tried to rally during the trading session on Friday, but then rolled over a bit the form of shooting star. Ultimately, this is a market that should continue to be very erratic, and choppy to say the least. We have recently tested a major uptrend line, so it does at least show signs of strength, and if we can break above the top of the candlestick above the Friday session, then the market will then attract more money into the market, reaching towards the 50 day EMA. Above there, the market could then go to the $18.00 level, an area where we had broken down from previously. All things being equal, this is a market that has been in an uptrend and this uptrend line has held so far, which of course is the most bullish thing on the chart.

SILVER Video 25.11.19

Underneath there, the 200 day EMA offer support at the $16.55 level, which should continue to be important. Looking at this chart, it’s obvious that we have been somewhat negative for some time, as we have been grinding lower. However, keep in mind that during the month of August alone there was a 15% gain in the silver market, so grinding lower and digesting the gains makes quite a bit of sense. All things being equal, I am bullish of silver, but I recognize that the market is probably a bit erratic due to the various news factors out there including the US/China trade situation, and of course the concerns about global growth. Remember, silver is not only a precious metal, but it is also an industrial metal.

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