Silver Price Forecast – Silver markets continue to show resiliency

Silver markets have rallied initially during trading on Thursday but have found the $15 level to be resistive yet again. Because of this, I think that we are looking at a situation where buyers will continue to jump into this market on dips, but quite frankly I think at this point we have a lot of concern out there that continues to weigh upon risk assets such as silver. However, at the same time it does end up being a bit of a safety trade given enough time. The US dollar is showing signs of strength later in the day, just as this market is rolling over. Quite frankly, you could almost have an overlay of the EUR/USD pair to figure out where silver is going. You simply recognize the resistance at the 1.15 level as the same as the resistance that the silver market sees at the $15 handle.

SILVER Video 21.12.18

At this point, the market looks likely to be very choppy and we are still stuck in the same consolidation. I suspect the lesser some type of seriously momentous headlight between now and New Year’s Day, we will simply grind sideways, perhaps with the $14.50 level offering short-term support, as it is “fair value” of the overall consolidation between the $15 level and the $14 level beneath. If we do get a break out to the upside or down, it suggests that we are getting a one dollar move.