Silver Price Forecast – Silver markets continue to grind sideways

Silver markets continue to press higher but are more sideways over the last couple of days after the trend line break. If we can break above the $15 level, then the market would show a proclivity to go towards the $16 level, followed by the $17 level above which has been massive resistance more than once. Overall, this of course will come down to the US dollar strength and the overall risk appetite out there, which has abated its extreme negativity over the last 24 hours. However, given time there will be something to spook the markets, that seems to be the norm these days. There are far too many things out there moving around in the headlines that could cause issues, so I believe that we are looking at is the likelihood of more trouble coming into the market and pushing precious metals higher.

SILVER Video 30.10.18

This is a little bit of a break after the significant volatility that we have seen, but it’s only a matter time before something comes into spooked traders, driving precious metals much higher. If the US dollar falls, that could also be reason enough to push the Silver markets higher, as we continue to see a lot of safe haven trading and the like. I think that the $14.50 level underneath will of course be supportive, so even at that point it doesn’t surprise me at all if we see value hunters coming back in. With this in mind, I am bullish but I also recognize that it’s probably better to start out with small positions.