Silver Price Forecast – Silver markets choppy after jobs figures

Silver markets went back and forth during the trading session on Friday as the jobs figure came out stronger than anticipated. However, I think the real story here is the fact that we hit major resistance.
Christopher Lewis
Silver daily chart, January 07, 2019

Silver markets went back and forth during the trading session on Friday, something that you would expect due to the volatility of that figure and of course the importance of the announcement. I believe that this market will continue to be very choppy, and I do anticipate a bit of a pullback at this point, because the market is a bit over stretch, but I’m looking for an opportunity to pick up silver “on the cheap.” I think there is plenty of support underneath, perhaps even the 20 day EMA, or maybe even the $15 level.

SILVER Video 07.01.19

Silver of course will move countercyclical to the US dollar most times, so if we get a pullback from here and a move higher in the US dollar, look for the greenback to roll over to signal when silver should turn around again. The alternate scenario of course is breaking above the $16 level, which is essentially what I consider “a stop along the way” of the longer-term consolidation between the $14 and $17 levels. Overall, I think that the break out recently that projected a move of $1.00 has been fulfilled but looking at the longer-term charts I think we are further to go.

If we were to turn around and break down below the $15 level, then I think we will more than likely go looking towards $14.50, then perhaps even the $14 level. However, I believe that this recent pullback shows just how bullish this market is, and I plan on taking advantage of that when I find value.

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