Silver Price Forecast – precious metals get hammered on WednesdaySilver markets have hit a fresh, new low based upon greenback strength after the Turkish crisis seems to be only getting worse, not better. At this point, we are more than likely going to see a continued selling of precious metals overall, and of course silver will be any different than the others.
Silver markets have been absolutely hammered during the trading session on Wednesday, slicing through the last vestiges of support. At this point, I think that the market will probably go looking towards the $14 level underneath, where we have seen a massive amount of support in the past. I believe that longer-term traders are probably looking at this as a nice buying opportunity, but that’s an investment, not some type of short-term trade. Because of this, I think that short-term rallies that show signs of exhaustion should be selling opportunity, and I think that we will probably continue to see turbulence in the markets, as the greenback becomes the ultimate safe haven.
Treasury yields are going to drop, as a fear play, and that of course means that we need more greenbacks. Greenbacks of course work against the value of silver and gold, so this point I think it’s pretty easy to imagine this chart dropping down to the $14 level. In fact, we are down almost 4.5% as I record this video. I don’t have any interest in buying, unless it’s physical silver, or unless we get some type of daily supportive candle because I think at that point the reward would very much outweigh the risk. Ultimately, this is a market that continues to be very rocky, so as a trader I want to short rallies, but as an investor I want to own the physical silver for the long term.