Silver Price Forecast November 8

Silver markets have gone back and forth during the trading session, as we continue to hover around the 50 day EMA. The markets are essentially flat and sideways and I think at this point we are going to go back and forth between the $15 level above and the $14 level below. This is a market that is very volatile, and there is a lot of questions when it comes to where we go next. I think at this point, it’s probably better to simply buy on dips and sell on rallies until we break out of this one dollar range.

SILVER Video 08.11.18

If we can break above the $15 level, then I think the market will probably continue to go higher, perhaps reaching towards the $15.50 level, and then perhaps even the $16 level. Otherwise, if we were to break down below the $14 level I think that we would probably go to the $13 level followed by the $12 level which is a massive support level. In general, this is a market that I think continues to be very difficult, and dangerous to trade.

Ultimately, the market is probably one you need to trade with small position size, because when we sit sideways like this in a very typically volatile market, the moves will be sudden when they happen. Beyond that, if you are trading the futures market, each tick is $25 and therefore it could be rather expensive. As we are near the $14.50 level, we are essentially in “no man’s land.”