Silver Price Forecast – Silver markets cool off slightly on Friday

Silver markets initially rallied during the trading session on Friday but found the $14.70 level to be resistive again. When I look at this chart, it’s obvious to me that the $14.70 level has been important, but I think it’s a minor resistance, not something that’s going to keep the trend down. Ultimately, I think pullbacks to the $14.50 level could be a nice buying opportunity, just as the $14.40 level should be, unless of course the US dollar explodes to the upside and value. Looking at this chart, I think eventually we could go looking towards the $15 level.

The $14 level underneath is a major “floor” in the long term markets, and therefore I don’t have any interest in shorting for any significant amount of time, because we are much closer to the massive support than we are resistance. Silver markets also have been getting a boost because quite frankly the US dollar isn’t enough of a safe haven for some traders. The CPI number missed during the week was a bit of a shock for greenback bulls, and of course the stock markets have been hammered as of late. I think silver will continue to attract money into the market but look for value before you put anything into the marketplace and go looking to accelerate gains. As the market proves you correct, then you can add slowly. I believe that silver has a large move built into it just waiting to happen.

SILVER Video 15.10.18