Silver Price Forecast – Silver markets back and forth on TuesdaySilver 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.
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.