Silver Forecast August 6, 2015, Technical Analysis

The silver markets went back and forth during the course of the session on Wednesday, as we continue to see support at the $14.50 level. This is an area that we believe is towards the bottom of the recent consolidation area that should continue. We believe that the $15 level above is massively resistive, so any rally is a selling opportunity. Ultimately though, we are settling on short-term trades, and have no interest in putting a lot of money into this market. This will be especially true considering that there is a jobs number coming out of America on Friday.