Silver Price Forecast – Silver markets broke down on Friday to end the week

Silver markets broke down during the trading session on Friday, showing signs of weakness yet again. The $14.50 level is the middle of the overall range right now, and of course the 50 day EMA is just above that level. I think that silver will continue to be very sensitive to the US dollar which of course has been very strong. I believe that trade tensions and a lot of concern about global growth will of course weigh upon silver, and then there is also the fundamental driver of silver which of course is industry. If that slows down, it’s likely that we could very easily slice through the $14 handle.

SILVER Video 03.12.18

If we do that, I think the market probably grinds down to the $13 level, followed by the $12 level after that. Rallies at this point should be sold, as we have seen so much in the way of negativity. The $15 level above is massive resistance, and it’s not until we break above there that I think the Silver markets can go higher, which would show a complete change of the attitude of silver markets. At that point, we could go to the $17 level, but that would take a lot of greenback softness. I presently believe that the Silver markets are in serious trouble, and I think it is only a matter of time before we slice through the $14 level. The $12 level underneath is massive support from a longer-term perspective, even more so than the $14 level has been.