Silver Forecast October 16, 2014, Technical Analysis

The silver markets went back and forth in a while session on Wednesday, testing the $17 level on the bottom, and the $17.80 level on the top. With that, it appears the market will continue to grind sideways, and although we did have a lot of volatility, we didn’t necessarily settle anything by the end of the day. With that, the market looks as if it is one that we are probably best to avoid, as the market continues to show a lot of choppiness. We believe that the $18 level above though is massively resistive, and should continue to put downward pressure but we recognize that it is going to be difficult to hang onto trades for any real length of time.