Silver Price Forecast – Silver markets await Fed meeting

Silver markets went back and forth during the trading session on Tuesday, as we await the Federal Reserve interest rate decision, and more importantly the statement afterwards. The idea of the Federal Reserve softening its stance has started to take a bit of a hold on the market, and if they do in fact sound a bit dovish, that could pin an up move in the precious metals markets. Obviously, silver will be highly sensitive that this so keep that in mind.

SILVER Video 19.12.18

The $15 level is an area that is massive resistance, so at this point I think that the market closing above there on a daily candle stick would be a very bullish sign, but you should also keep in mind that it’s not until we close above that level that you can take that move seriously. Quite frankly, the Wednesday session should be rather volatile as traders try to figure out what the Federal Reserve means. With that in mind, I believe that until we are proven otherwise, you should assume that the trading range between the $14 level on the bottom and the $15 level on the top holds. If that’s going to be the case, then you should look at this is a range bound opportunity, albeit with a slightly upward tilt. If we do break out to the upside, then the $16 level will be targeted based upon the consolidation area that we are leaving. On a break to the downside, I suspect that the next major support level is closer to the $12 level, based on historical charts.