Silver Price Forecast – Silver Close Out the Week On Solid Footing

Silver Price Forecast – Silver Close Out the Week On Solid Footing by Christopher Lewis for FX Empire

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The silver markets have rallied a bit on Friday, reaching towards the 50 day EMA as there was more of a “risk on” feel to the markets in general.

Silver markets have rallied going into the weekend, aiming towards the 50 day EMA. Ultimately, this is a market that is going to react to the US dollar and of course the overall risk appetite around the world as silver is also an industrial metal, not just a precious one. Because of this, I like the idea of buying short-term dips and have for a while. However, we are essentially in the middle of a larger consolidation area, so I am in no huge rush to build up a massive position.

SILVER Video 23.11.20

To the downside, the $22.75 level is a significant support level, as it not only has been tested a couple of times previously, but also has the 38.2% Fibonacci retracement level sitting there. Ultimately, this is a market that we should see buyers on dips, especially as the 200 day EMA starts to race towards that area. All things being equal, the market should eventually go looking towards the $26 level, possibly even further.

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