Silver Price Forecast – Silver markets continue to show strength

Silver markets initially tried to rally during the trading session on Tuesday but ran into a lot of resistance at the $14.90 level. We ended up forming a couple of shooting stars on the hourly chart, so I think a pullback is very likely. That’s not to say that I think we should be selling a here, I think your best trade is probably to simply wait on the sidelines and look for value underneath it we can take advantage of. Some type of supportive bounce could make a nice trade, because it makes sense that we would struggle at these high levels.

After all, we have rallied quite nicely, and are approaching a major round number in the form of the $15. If we were to break above the $15 level, then the market could continue to go much higher. I see support underneath at $14.70, $14.60, and most certainly $14.50. Silver markets tend to move every $0.10, in a back-and-forth manner as it is a highly technical situation and of market. At this point, I suspect that silver needs to cool off a bit before we can build up enough momentum to finally break that crucial $15 level. Once we do, I think the next target will be somewhere near the $15.20 level based upon longer-term historical charts. If we were to break down below the $14.50 level, that could send this market much lower. Overall though, I think that silver is also getting a boost from the safety trade as there are so many different problems around the world.

SILVER Video 17.10.18