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Silver Price Forecast November 6

By:
Christopher Lewis
Updated: Nov 5, 2018, 17:02 UTC

Silver markets drifted a little bit lower during the trading session on Monday, as we continue to see a lot of resistance above at the $15 level. At this point, I think that a pullback makes sense, as we had seen such a massive overdoing of the bullish pressure last week.

Silver

Silver markets drifted a little bit lower during the trading session on Monday, breaking below the $14.70 level, before bouncing slightly. The $15 level above is massive resistance though, and I think if we get above there the market will go much higher, perhaps reaching towards the $15.50 level next. Looking at this chart, I think that we will continue to go back and forth in the silver market as we typically do. Quite frankly, the market is very volatile in general, so it’s not a huge surprise that we would go back and forth.

SILVER Video 06.11.18

Pay attention to the value of the US dollar in general, because it of course has a major influence on precious metals, especially silver as it is so thin in volume in comparison to gold. At this point, I think we will continue to go back and forth between the $14 level on the bottom, and the $15 level above. Looking at this market, we have gone sideways for a while now, which is a reasonably good sign after the massive downtrend that we had previously had. Because of this, I think that we will eventually try to break to the upside but we need the US dollar to calm down more than anything else. Ultimately, this is a market that you should approach very carefully, but I certainly think that at this point it makes sense to dip your toe in the water if you are a longer-term investor, if you are a shorter-term investor you should find these couple of levels to your liking as well.

About the Author

Being FXEmpire’s analyst since the early days of the website, Chris has over 20 years of experience across various markets and assets – currencies, indices, and commodities. He is a proprietary trader as well trading institutional accounts.

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