Silver Weekly Price Forecast – Silver Markets Continue To Find Buyers UnderneathThe Silver markets fell during a majority of the week, but it does continue to find support low current pricing. The $17.50 level seems to be supported and it extends down to the $17.00 from what I can see.
Silver markets have pulled back again during the week but closed lower than we had seen over the last month or so. That being said, it’s obvious to me that there are buyers underneath, and most certainly closer to the $17.00 level as the 200 day EMA is there, and the 50 week EMA is starting to come within a whisper of that level also. All things being equal, this is a market that continues to see a lot of volatility and that makes quite a bit of sense considering that while silver is a precious metal, it is also an industrial metal.
SILVER Video 10.02.20
That being said, I think that the market will eventually go to the upside and I do like buying dips. However, I recognize that the market may lag gold as industrial demand for silver is probably going to be a bit weaker. To the upside I believe that the market will try to break back above the $18.00 level and then go looking towards the $18.50 level on its way to the $19.00 level. I like buying dips, and I like adding to a core position. I believe that longer-term silver is likely to find plenty of buyers, but I don’t advocate jumping in this market with huge position, because silver does tend to be extraordinarily volatile. Furthermore, you have the ability to add to a core position over the longer term, looking at the move of the next several years and has been setting up for positivity. I have no interest in selling at this point.
Please let us know what you think in the comments below