Silver Price Forecast – Silver markets continue to hang just below resistance

Silver markets continue to be boy and overall, as we are hanging just above the 50 day EMA. However, the $15 level above is massive resistance, and I think that given enough time we are probably going to go much higher, perhaps reaching towards the $16 level based upon the size of the consolidation area, which is essentially a $1.00 area. I also believe that the 50 day EMA should be paid attention to, because quite frankly it has been so reliable over the longer-term.

SILVER Video 24.12.18

The $14 level underneath is massive support, so if it gets broken I think that the market goes down to the $13 level, and perhaps even the $12 level underneath based on the longer-term charts. However, I think this will come down to the US dollar and what’s going on with that. For what it’s worth, the Gold markets have broken out already, so that bodes well for Silver in general. Longer-term, I think that we are going to see a return to bullish pressure, perhaps maybe after New Year’s Day, as the next couple of days are going to be quiet to say the least as traders will be more worried about holidays.

In general, I do like silver from a longer-term standpoint and have been buying physical silver quite some time. Overall, I think levered positions are difficult to take but I do like CFD markets because it gives you the best of both worlds, giving us an opportunity to build up a position over the longer-term. However, I think that if we break down below the $14 level, we could see an accelerated move.