Silver Price Forecast – Silver markets continue to consolidate

Silver markets continue to go back and forth during the trading session on Wednesday, as we are looking at a crucial level just below and the form of a large, round, psychologically significant figure.
Christopher Lewis
Silver daily chart, March 07, 2019

Silver markets consolidated a bit during the trading session on Wednesday, as we continue to see a lot of noise in general. This obviously is highly influenced by what’s going on with the US dollar, so if we start to see the US dollar soften a bit, that should help silver overall. The alternate scenario of course is true as well. If the US dollar strengthens, that will be very negative for silver.

SILVER Video 07.03.19

Looking at the chart, it’s very easy to see the $15 was once major resistance, so it should now be supported. This was the scene of a lot of order flow into the market, and now we are finally retesting this resistance to see if it’s going to hold. At this point, the next couple of days should be crucial and give us an idea as to what happens over the next couple of weeks. If we bounce from here, then there is a really good chance that we go looking towards the $16.00 level again. However, if we were to break down below the $14.90 level, it’s likely that we will reach down towards the $14 handle again.

If you are patient enough, you should have a clear signal based upon an impulsive daily candle stick. While you may miss out on part of the initial move, the reality is that there is a huge move to be had if you simply allow it to happen. It’s okay to miss out on the first 5% of the move if you capture the other 95%.

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