Silver Midday Technical Analysis November 2

Silver markets continue to be very choppy as we have seen over the last 24 hours, but at this point I think the $14.70 level is offering support, while the $14.85 level above is offering short-term resistance. This is a market that of course is highly sensitive to the strength of the US dollar, so it is holding up surprisingly well considering we seen a move towards the greenback after the figures. Perhaps this is due to safety buying, because quite frankly there are a lot of issues around the world and silver is a quick way to make a safety trade.

SILVER Midday Video 02.11.18

Even if we do break down, I think that the $14.50 level underneath is massive support, just as the $14.25 level underneath areas. The market has been consolidating for a while and I think it has its heart set on trying to break above the $15 level. It is going to take several attempts to do so, so don’t be surprised at all if we see several pullbacks on the way up to that level. After all, it’s a large come around, psychologically significant figure, and it’s also a structurally important level. If we can break above the $15 level, then silver can really start to pick up some momentum, and I would have a price target of $17. In the meantime, I believe in buying dips but I do so in small increments as this market can be quite volatile at times.