Silver Price Forecast November 9

Silver markets broke down a little bit during the trading session on Thursday, as we continue to bounce around in consolidation. We’ve been in a long-term downtrend, but the $14 level has been important more than once in the past.
Christopher Lewis
Silver daily chart, November 09, 2018

The Silver markets drifted a bit lower again during the trading session on Thursday, reaching down towards the $14.40 level. The market is currently in consolidation between the $15 level above and the $14 level underneath. This is a market that I think continues to be very choppy, but I think that given enough time we will break out of this range. Pay attention to the US dollar, because it does have a massive effect on the precious metals market, especially the Silver markets.

SILVER Video 09.11.18

If we did break above the $15 level, then you could expect a move towards the $15.50 level, and then eventually the $16 level. Alternately, if we break down below the $14 level there is massive support on longer-term charts down at the $12 level as it has been important more than once. I like buying silver overall, but I do so with no leverage, meaning that the Silver markets for the longer-term should be but in its physical form. Ultimately, I think that we are essentially in “no man’s land” as we are in the middle of the overall range.

I would be interested in buying futures contracts or even the CFD markets if we can drop a little lower, as we have seen so much in the way of buying pressure. Alternately, if we break above to the $15 region, then I would be willing to sell those same contracts for short-term moves. I don’t think we have the catalyst break out of this range quite yet.

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