Silver Price Forecast – Silver Markets Pierce 50 Day EMA
Silver markets rebounded fairly significantly during Friday's trading session as we pierced the 50-day EMA. If we can break the highs from Friday session, there is a very good chance that we will continue to climb and possibly hit the $ 27 level. The $ 26 level between here and there will be some level of psychological resistance, but the actual supply appears to be closer to $ 27.
SILVER Video 10/12/20
Unfortunately, this is all based on the idea of the stimulus so there is still a significant risk of making headlines. Remember, politicians don't necessarily play in the markets so they'll be saying stupid things in no time. Because of this, you have to be very careful with your position size, but at this point it looks very clear that silver is forming some basic pattern and so it should be followed closely. For this reason, and due to the fact that the candle holder is much larger than the previous ones, I believe that buyers will come back into the game.
However, if we fall below the $ 24 level, it is likely that we will fall to the $ 23 level, possibly even the $ 22 level. That would almost certainly have something to do with the conversation completely breaking down. At this point, I don't expect we'll see much clarity right away, but it definitely looks like the longer term uptrend is trying to reassert itself.
In our economic calendar you will find all economic events of today.
This article was originally published on FX Empire
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