Silver Price Forecast – Silver markets continue to drift lowerSilver markets continue to drift lower as the US dollar was stronger during most of the trading session on Monday. However, as the US dollar lost a bit of strength, silver didn’t really rally, showing that we have a proclivity to continue to drift lower, perhaps looking for support at the round figure.
Silver markets were negative during the trading session on Monday, as traders came back from the weekend. The US dollar has strengthened, which of course has pushed the Silver markets lower. However, as the US dollar pulled back a bit after Turkey blinked, silver didn’t really get much of a rally and that tells me that we are hell-bent on testing the support underneath, which I see as the $15.00 level.
Ultimately, I believe that this market will find support near the $15 level, but it’s going to be quite choppy regardless. I think that there is massive support at the $15 level overall, as it is a large, round, psychologically significant figure, and it is of course an area where we see in structural support come into play as well. With that in mind, I believe that short-term traders will continue to sell, but longer-term investors will continue to be paying attention to the $15.00 level and bombing at that point. If we break down below there, it would be a significant break down, but I think there’s even more support at the $14.00 level. I am a stacker of physical silver, but I recognize that short-term markets are completely different ballgame. Expect a lot of volatility, but I would be a buyer near the $15.00 level on a “flyer.” I think there is enough larger institutional money in that area to cause a bounce regardless.