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
More from FXEMPIRE:
Silver Weekly Price Forecast - Silver Form Bullish Candlestick
Weekly Forecast for USD / JPY - USD continues to slowly lower
US Stock Market Overview - Stock advance led by technology as White raises stimulus bid
Technical Analysis of E-mini S&P 500 Index (ES) Futures - Must hold 3431.75 to keep upward momentum
Weekly GBP / JPY Price Forecast - British Pound rallies clear
Gold Price Prediction - Gold breaks out of trendline resistance when the dollar is weak

You should check here to buy the best price guaranteed products.

Last News

Justice Department watchdog to investigate Trump administration's seizure of Democrats' phone data

Soccer-Denmark's Eriksen had cardiac massage on pitch, was able to speak before going to hospital -team doctor

Two White Families Got Riled Up After Two Black Students Beat Their Kids for School Honors in Mississippi

Rare earth metals at the heart of China's rivalry with US, Europe

Johnson struggling at Detroit, trying to stay out of the way

Sausage wars: Boris Johnson hints he may rip up EU rule book over trade with Northern Ireland