Silver Price Forecast – Silver Markets Continue to Hug 50 Day EMA

Silver markets continue to hug the 50 day EMA, as we see this market going sideways as we are looking for the next catalyst. The US dollar has been falling so that should help silver given enough time but that does not mean that we cannot pull back occasionally. The $22 level underneath is currently supported by the 200 day EMA, which is also the bottom of the recent range that the market has been in. To the upside, the $26 level is massive resistance, and as a result I think we are simply trading in the same range for a while. Given enough time, I do think that we break above there, perhaps reaching towards the $27 level, followed by the $28 level, and so on until we get to the $30 level.

SILVER Video 11.12.20

All things being equal, I do think that this is a market that gives us plenty of value every time it pulls back but it may take some time to get to where we are going longer term. All things being equal, the $30 level will be a very difficult. A break but if and when it happens, it is likely that the market would go looking towards the $50 level yet again as it has a couple of times in the past. As far as selling is concerned, I have absolutely no interest until we break down below the 200 day EMA significantly, and perhaps even the $20 level. This is a market that continues to see a lot of choppy volatility, so you need to keep your position size relatively reasonable in this environment.