Silver Price Forecast – Silver markets back and forth on Tuesday

Silver markets were initially negative during the day on Tuesday but bounced later in the day as the $15.90 level offered support again. Currently, it looks as if we are finding far too much in the way of noise to build a longer-term trade, but for short-term traders, it’s likely that this will be an excellent market.
Christopher Lewis
Silver daily chart, July 11, 2018

Silver markets initially fell during the trading session on Tuesday, reaching down towards the $15.90 level for support and finding it. The market then bounced enough to reach towards the $16 level, an area that of course will attract a lot of attention due to the large, round, psychological significance of the figure. The $16.15 level was broken above recently, which of course was a good sign, but we have turned right back around. Ultimately, I believe that the market will continue to see a lot of choppiness, so look for back and forth a range bound type of trades. I believe that the overall attitude of the market will be range bound, with a slightly positive amount of momentum underneath. I believe that looking at the longer-term charts will of course continue to dictate where we go next.

The $15.50 level is the beginning of support extending down to the $15 level underneath. I believe that longer-term traders will continue look at these dips as buying opportunities, but in the short term I think people will use stochastic oscillator’s and the like to go back and forth. I do believe that we are trying to form a bottoming pattern, and then perhaps go looking towards the $16.50 level above, which should offer significant resistance. It doesn’t mean that is going to be easy, but I do remain bullish overall.

SILVER Video 11.07.18

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