Silver Price Forecast – Silver markets continue to push back and forth

Silver markets were positive to kick off the session on Tuesday, reaching towards the $15.45 level where we found quite a bit of selling on heavier volume. This coincided with the open of the US session, sending the market down to retrace about half of the gains from earlier in the day. As you can see on the chart, I have a couple of lines drawn: one at the $15.50 level, and another at the $15.25 level. I believe this is the area that we are going to be trading in for the short term, and therefore I think range bound systems could be deployed in this region.

I think that there is even more support below at the $15 level, so I think that the longer-term traders would jump in there. In the meantime, you might as well play with the market is offering, which is a $0.25 range as marked on my hourly chart. I do believe that eventually we could turn around, but it may take some work. We are in a traditionally quiet time of the year, so I assume that most things are range bound until proven otherwise.

The negativity of the Americans I believe is simply reflected as an area where there is a lot of supply. Longer-term holders of silver will be looking at these low levels as potential buying opportunities for a “investment” more than anything else. Silver markets have been highly manipulated by certain banks over the last couple of years, so the rallies have been short-lived. However, the same banks are buying closer to $15.

SILVER Video 08.08.18