Silver Price Forecast – Silver Markets ChoppySilver markets went back and forth during the trading session on Tuesday as we continue to see a lot of choppy action when it comes to the global markets. Remember, silver is also an industrial metal, not just a precious metal.
Silver markets have gone back and forth during the trading session on Tuesday, as it tried to break above the $13 level. By doing so, it shows that at least we are starting to see some stabilization in silver after what has been a straightforward bloodbath. At this point, the $12.00 level looks to be rather supportive, so as long as we can stay above there, we have the possibility of some type of base forming. That being said, the entire situation is very fluid right now so don’t get overly concerned about volatility, pay attention to your position size as it is one of the few things that you can control. Silver of course is very volatile under the best of circumstances, so it should not be a surprise at all to see what the last couple of weeks has brought.
SILVER Video 18.03.20
With all that being said, I like the idea of buying silver down at this level, but I also recognize that it will take a significant amount of patience in order to be able to deal with what we are looking at. At this point, you need to trade with small positions because the next headline could throw the market into absolute disarray. This reminds me of 2008, when there was a lot of profit collecting in order to cover bad trades in other places. Silver may have been a bit of a victim to this, as gold most certainly was. With this in mind, I think that it offers value, but you need to be more longer-term focused to realize profits.