Silver markets have been choppy and sideways overall, with the $14 level underneath being supportive, and the $15 level above being resistance. At this point, I think it’s very likely that the Silver markets will continue to be very choppy and volatile, but I think if we can break out of this range, it could give us a reasonable target. The one dollar range that we are in signifies where we could go, on a breakout or a break down. The $16 level above will be a target if we break out to the upside, just as a break down below the $14 level will send this market to the $13 level, possibly looking for support at $12.
SILVER Video 11.12.18
Overall, I think that the market participants will continue to be attracted to this as a barometer for where the US dollar is going, or perhaps where it isn’t. Remember, a strengthening US dollar typically works against the value of silver, while a softening US dollar typically will help it rally. I believe at this point, we are going to see more choppiness and sideways action than anything else, so I’m not looking for anything major and I recognize that we will probably continue to be very noisy overall. However, I think that longer-term investors may be looking at this as an opportunity to pick up a bit of value.
