Silver Price Analysis in October 2019 | End of the Uptrend?
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After a rather significant rise in Silver prices throughout September, this Monday saw the price of Silver fall apart. This latest development has caused a certain degree of distress among bullish traders. So much so that many have come to view this dip in the Silver chart as a genuinely bearish indicator.
The Silver price today is a reflection of a weakening dollar, as well as the trade relations between the U.S. and China. The latter continue to be a major factor influencing the silver price in 2019 and if a breakthrough is achieved between the two countries there could be room for some long-term optimism. A Silver price analysis in October 2019 has to include the idea that longer-term trends often have a sort of back and fill tendency, which could very well be what we are observing in our current Silver chart analysis.
Further supporting that notion, as well as a bullish forecast for Silver in October 2019, is the highly significant, from a psychological point of view, figure of $17.00. Silver price analysis in recent months and years has made many traders assume that should the market manage to retain that level, it will also be able to climb back up again.
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