Silver Price Forecast – Silver breaks down on TuesdaySilver markets broke down during the day on Tuesday, slicing through the $15.75 level. As I record this video, we are approaching the $15.50 level underneath, which should be massive support just waiting to happen, and should extend all the way down to the $15.00 level underneath.
Silver markets broke down significantly during the trading session on Tuesday, as the US dollar strengthened. This was most certainly a negative tone type of session, and of course Silver took quite a bit of selling pressure. However, I think at this point if you are patient enough, you should be able to get silver “on the cheap” somewhere between here and $15.00. Market participants are certainly negative, but I think that the longer-term traders are looking at this as yet another opportunity to pick up silver. When you look at the longer-term charts, you can clearly see that the $15 level underneath is significant support from the longer-term consolidation.
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Having said all of that, if the US dollar continues to strengthen, this will continue to wear down the silver market. As for the move during the day on Tuesday, if you are reading this article and not already short of the market, you have missed most of your opportunity. At this point, look for some type of bounce or supportive candle to turn around and start buying again. If you have the ability to buy physical silver for your retirement account, we continue to see a lot of demand underneath, and that should of course offer some hope. Has for shorting, you can do so but I would wait for a significant bounce first, as we have certainly seen an overextension of the bearish pressure during the day. The US dollar is the key here.