Silver Price Forecast – Silver markets continue to find buyersSilver markets pulled back initially during the trading session on Monday, reaching towards the $14.70 level. We found plenty of buyers in that area though, so we turned around to show buyers again. Overall, the market looks likely to continue to reach towards the major levels above.
Silver markets pulled back a little bit during the trading session initially but found enough support near the $14.70 level to turn around and rally again. Overall, I think that the market is reaching towards the $15 level above, which of course will attract a lot of psychological interests. Overall, the markets continue to be more of a “buy on the dips” type of situation. As long as there is so much in the way of uncertainty out there in an economic sense, I think that people are going to be coming back to the precious metals for safety. Silver markets had been artificially negative for quite some time, as there are a lot of paper shorts out there, but there is a significant demand for silver overall. I think that given enough time, the market probably will continue to reach towards the $15 level, which makes a lot of sense considering that there are a lot of concerns out there, and of course a lot of technical traders will be attracted to these big figures.
Underneath, I see a significant amount of support near the $14.60 level, and of course at the $14.70 level as seen during the day. I think given enough time, we will try to find buyers at one of those levels if we do pull back. I don’t have any interest in shorting Silver right now, it is far too strong and I don’t want to fight this trend.