Silver Price Forecast – Silver Markets Form Supportive Candle In Quiet Session

Silver markets initially fell during Friday’s trading, but found support underneath the 50 day EMA yet again. Ultimately, this is a market that should continue to be supported underneath and extending all the way down to the crucial $70.00 level. That’s an area that obviously will attract a lot of attention due to it being a large, round, psychologically significant figure. Beyond that, the market looks very likely to find even more support underneath at the 61.8% Fibonacci retracement level although I am the first to admit that it would probably be somewhat negative.

SILVER Video 21.10.19

To the upside, the $18.00 level being broken would be a strong sign that we are going to go to the $18.75 level, followed by the $19.75 level, or the last couple of swing highs if you like. This is a market that is well supported and although you could make an argument for a bit of a descending triangle, when you step back a bit, it’s obvious that the $70.00 level has been massive support and resistance on the longer-term charts. I noticed this first one asserted looking at the weekly chart, as it readjusted my vision to what was really going on. I like silver, and I believe that central banks around the world will continue to cut interest rates and conduct quantitative easing, both of which should push the Silver markets higher in general. I have no plans on selling anytime soon.

Please let us know what you think in the comments below