Silver Price Analysis in September 2019 | Time for a Correction?
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The silver price has had a rocky start to September. With August seeing a 15% jump, almost any silver price analysis would be showing an overbought situation. Resumed trade talks between the U.S. and China also prompted a drop to $18.2. Will there be a more serious correction for the price of silver or will the trend resume? Watch our silver chart analysis to get all the angles.
Silver prices have been almost skyrocketing in the last several months with continued fears of a global recession and more quantative easing coming from the FED and other central banks. The silver price today - even after a 5% dip in two days - is a reflection of the flight of money to traditional safe havens like gold and silver.
Silver analysis at this point should be concerned with determining the exact support and resistance levels that signal either value for buying in what could be a long uptrend spanning months and years, or the time to exit positions with appetite moving elsewhere. The silver price in 2019 is bound to be more volatile than usual.
Regarding the shorter term silver price analysis in September 2019, the $17.5 area appears to be the next support level right now with $20 remaining the resistance that many traders are still watching.
Technical traders focused on the silver chart will have also noticed a shooting start formation from the last several days, which can be taken as a bearish sign. Whether it's down to the aforementioned $17.5 or further, remains to be seen.
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