Silver Price Forecast – Silver markets continue to churn higher

Silver markets continue to be positive during the Friday session, but I think at this point we have a lot of selling pressure above, I think signs of exhaustion are probably going to present themselves, and they should be selling opportunities. At this point, I believe that the $14 level will be supported, but I think we also could break down below there. If we do, then it allows the market to go down to the $13 level, possibly even the $12 level after that.

SILVER Video 19.11.18

This market has recently broken down through a major uptrend line, which show signs of negativity and I think that we will continue to see markets fade silver every time it rallies. I do believe that silver eventually rallies for a longer-term move, but until the US dollar calms down, it seems very unlikely to sustain any gains. This is why when I do choose to buy silver, I do so in its physical form, because then I don’t worry about the leverage. As far as leverage markets are concerned, I simply sell on signs of exhaustion. Ultimately, this is a market that I think will have to at least test the $14 level again, before possibly breaking out.

If we break above the 50 day EMA, then it’s a very bullish sign, but it’s not until we break above the $15 level that I would feel comfortable going long with anything relating to a leveraged instrument. Overall, I remain bearish for the short term but I do recognize that longer-term we have a lot of value hunters out there.