Silver Price Forecast – Silver Markets Pullback Two Major Moving Average

Silver markets pulled back a bit during the trading session on Thursday to test the 50 day EMA, an area that a lot of traders will be paying attention to. At this point, the market has been a bit listless, but let us not forget that the silver markets are highly sensitive to risk appetite and of course the US dollar. Ultimately, the market has been trying to find a bit of support in this general vicinity, so I think a bounce probably makes quite a bit of sense. However, I would not be willing to buy until we get above the $18.00 level, as it is a large, round, psychologically significant figure that will of course attract a lot of attention. By breaking above there, the market is likely to go towards the $19.00 level above, an area that will of course attract a lot of attention in and of itself. I believe that this market continues to chop back and forth, perhaps trying to find some type of directionality.

SILVER Video 24.01.20

If we break down below the 50 day EMA then I think the market goes looking towards the $17.00 level for support. The 200 day EMA is sitting just below there, so it should offer quite a bit of support. Ultimately, the market will continue to offer plenty of opportunities longer-term, and I do think that we go higher over the longer term. With this, I like the idea of looking for value and it does appear that we are starting to find some here. However, I would be very cautious about jumping “all in” at this level, rather I would prefer to build up a core position.