Silver markets fell initially during the trading session on Friday but found enough support near the $70.00 level to turn around and show signs of stability. With that being the case, it makes sense that the market should continue to go higher as we have been in and uptrend for some time. At this point, the market should continue to go much higher, but I do recognize that there is a certain amount of support underneath not only at the $70.00 level, and then the $16.50 level after that. Beyond that, the 50 day EMA is crossing the $16.00 level, an area that should show plenty of support.
SILVER Video 19.08.19
Ultimately, this is a market that should continue to find value hunters coming back into the marketplace as central banks around the world continue to cut interest rates and loosen monetary policy. Precious metals of course continue to pick up a bit of a bid because of this, and therefore I think silver will continue to be a beneficiary. Looking at the gold market, it looks very likely that we go much higher, but at this point we are more than likely going to find a lot of volatility. Short-term pullbacks offer buying opportunities, just as longer-term traders will continue to hang onto silver as it should go much higher. I currently have a target of $18.00 but I think we will probably even blow through that given enough time. Unless central banks change their attitude, I have no interest in shorting Silver.
Please let us know what you think in the comments below
This article was originally posted on FX Empire
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