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Silver Price Forecast – Silver markets struggles slightly

Christopher Lewis

Silver markets tried to rally initially during the trading session on Wednesday but also found enough selling above to pull back. If you squint, you can make a case for a bullish flag, and certainly we have been very bullish as of late. I think silver is a bit overdone though, so don’t be surprised if we get some type of pullback to find support underneath. I think the $15.50 level below should cause some support, just as the 20 day EMA well. I have no interest in shorting Silver, and I believe it’s not until we break down below the $15 level that you should be concerned about it. We had already reached our target of $1.00 after the breakout of the consolidation previously, but I think that the longer-term consolidation area is still very much intact, meaning that we will probably go to the $17 level eventually.

SILVER Video 10.01.19

Remember, silver moves a little bit slower than gold does as far as dollar amounts, and it does tend to be very choppy. Because of this, I suspect that waiting for a pullback in buying small bits and pieces of silver will probably be the best way to deal with this market. I would use the CFD market, or perhaps use physical metal at this point. If we get a deep and a pullback, and the closer we get to the $15 level, the more likely a.m. to be involved in the futures market as it represents a significant amount of value. That’s essentially what I’m looking for here: value.

This article was originally posted on FX Empire

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