Silver Price Forecast – Silver Markets Continue to Be Very Volatile
Silver markets fell significantly during the trading session on Thursday but bounced a bit as the US dollar fell from an initial surge higher. That being said, there is a lot of concern out there, and if you are looking to purchase silver as a safety asset, you probably do better with gold as it is much more of a pure play with that. After all, silver has an industrial component built into it as well, so it is likely that if industrial demand slumps, silver may lag a bit behind its cousin. That being said, I have no interest in shorting this market, as the $26 level underneath offers a significant amount of support.
SILVER Video 18.09.20
The 50 day EMA sits just above the $25 level, so that offers quite a bit of interest as well. Ultimately, this is a market that has been in an uptrend for some time, and at the very least we need to chew through a lot of the noise to go higher. At this point, the $28 level is the top of the range that we are trading in, and if we can break above there it is likely we go looking towards the $29 level. If we can break above there, then the $30 level could be a target as well. If and when we break above there, the market is likely to start another leg higher, and therefore would become more “buy-and-hold.” In the meantime, I think that you buy on dips, but you do so very cautiously as the volatility continues to be strong.
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This article was originally posted on FX Empire
