Silver Price Forecast – Silver markets dropped as Americans come on board

Silver markets fell a bit during the early American trading hours as the market continues to gyrate. Silver of course is very volatile, so this shouldn’t be much of a surprise as the US dollar picked up a little bit of strength early. However, I believe that the $14.50 level should offer support underneath, and I think a bounce from there makes a lot of sense. If we do break down below there, then I suspect there are also buyers near the $14.30 level underneath. At this point, this is a market that continues to be very erratic, and I would of course be very cautious about my position size. Ultimately, I do believe that $15 is the target that silver traders will be looking towards, but it’s going to take some time to get there.

We need to see some US dollar weakness in my best guess to see this market rally significantly. Otherwise, if we break down below the $14.30 level, then we could go to the $14.25 level, and possibly even lower than that. Keep in mind that silver is very risk sensitive, so headlines of course can cause issues in this market. Keep your position size small but build the position as it works out in your favor. As far as shorting is concerned I’m not ready to do so quite yet, I believe that the buyers are still underneath looking to pick up value as we go along.

SILVER Video 23.10.18