Silver Price Forecast – Silver markets test trend lineSilver markets have fallen a bit during the early part of the trading session on Tuesday to test the major trendline that I have drawn on the chart. With that being the case, we could be ready to bounce again.
Silver markets have fallen a bit during the trading session on Tuesday, only to find buyers below at the uptrend line. By doing so, the market looks as if it is ready to continue the longer-term uptrend, so therefore a break above the highs of the day could bring in fresh buyers. Ultimately, if we were to break down below the uptrend line there is a gap underneath there and of course the 50 day EMA coming into play that could also offer support. I have no interest in shorting Silver, I think there is far too much in the way of risk out there to think that precious metals are to be sold.
SILVER Video 11.09.19
This isn’t to say that you just jumped in immediately but look for short-term momentum to the upside that gives you a bit of faith in the next move. All things being equal it’s likely that this pullback has shaken out a lot of the “weak hands”, which of course is a very good thing. The $18.00 level looks to be supportive as well, so that’s another reason to think that the buyers are still very much in control. Yes, it’s been a couple of rather tough sessions, but at the end of the day, this is a market that still looks to be very well supported underneath.
I still believe in silver, and I think that we are going to go looking towards the $20.00 level above. Silver markets have been very bullish for some time and we simply got ahead of ourselves. This last correction should be assigned that it’s time to perhaps dip your toe into the water.
Please let us know what you think in the comments below