Silver Price Forecast – Silver markets explode to the upside

Silver markets broke higher during the trading session on Monday, gapping above the $18.00 level, and then eventually breaking above the $18.50 level in what was a massive move to the upside. The Silver markets continue to be a place where traders run into when there are a lot of political issues out there, and of course global uncertainty. With markets reacting to central banks around the world cutting rates, it makes sense that precious metals continue to rally overall, and it’s obvious that the Silver markets have outdone gold. With that being the case, short-term pullbacks continue to offer buying opportunities, as long as we can stay above the trend line, as it has been so reliable.

SILVER Video 24.09.19

Looking at the chart, it’s not until we break down below the 50 day EMA which is pictured in red that I would consider shorting Silver, and quite frankly I think this is an opportunity for the market to try to reach towards the $20.00 level which of course is the highs that we have seen recently. That of course also is a very large, round, psychologically significant figure, so with that in mind it does make sense that we had a pullback. All that being said, this is a market that should continue to grind its way higher, and short-term pullbacks should be buying opportunities that traders continue to take advantage of. Overall, it’s likely that we will break above the $20.00 level but it may take several attempts to get above there.

Please let us know what you think in the comments below