Silver Price Forecast – Silver markets stall on MondaySilver markets went back and forth during the day on Monday, as we continue to try to break to the upside. However, we have ran into a little bit of resistance, perhaps due to exhaustion from the big move on Friday.
Silver markets went back and forth during the trading session on Monday, as we continue to struggle to go higher. However, I do think that the uptrend is still intact, and I do think that the buyers will continue to go higher in this market. I think the $16 level above is a potential target, but I also think that we will eventually break above there, assuming the precious metals continue to get a bit. Gold looks healthy, so I think that may give us a bit of a boost over here as well.
SILVER Video 29.01.19
Just below, the 20 day EMA, pictured in green, is tilting higher and it looks likely to offer a bit of dynamic support. Beyond that, we have the red 50 day EMA, which should also offer support. After the impulsive candle during the day on Friday, I do think that there is still plenty of buying pressure is underneath, but I do think that eventually we can get above the $16 level. If we do, then the market should then go to the $17 level above. I think at this point it’s very likely that it may take some time to get there, so I would be very cautious about throwing a lot of money into the market in one trade. I would only add slowly and try to build up my position, perhaps becoming a bit more aggressive if and when we break above $16. I don’t have any interest in shorting Silver at this point.