Silver Price Forecast – Silver markets fall a bit to find support

Silver markets fell a bit during the trading session on Tuesday, reaching towards the $14.50 level before finding buyers. By doing so, it looks as if we are continuing the overall sideways trade that we have seen for some time, and if the US dollar softens a bit, we could perhaps see a bit of a return towards the $14.90 handle.
Christopher Lewis
Silver Midday chart, October 30, 2018

Silver markets found a bit of support near the $14.50 level during the trading session on Tuesday as traders continue to look for value. The market has recently broke above the downtrend line, and it now looks as if we are trying to do a little bit of a trend change. If that’s going to be the case, I think the market should then go to the $15 level above. At this point, the market breaking above the $15 level would be a very bullish sign, and the market should then continue to go towards the $16 level.

SILVER Midday Video 30.10.18

Silver markets also have a significant amount of support underneath at the $14 level, so I think it’s only a matter of time before there will be buyers on a pull back. Pay attention to the value of the US dollar, as it is a main driver of what happens in the silver market, and that being the case if the US dollar falls, that should continue to help silver. I believe that we are in the midst of a potential trend change, so at this point I think that we should continue to have a lot of volatility, so keep that in mind. Keep your position small, but I do think that there is probably more proclivity to the upside more than anything else. If we did break $14 to the downside, the $12 level would be the next major support level.

Don't miss a thing!
Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Latest Articles

See All

Expand Your Knowledge

See All
The content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. It does not constitute, and should not be read as, any recommendation or advice to take any action whatsoever, including to make any investment or buy any product. When making any financial decision, you should perform your own due diligence checks, apply your own discretion and consult your competent advisors. The content of the website is not personally directed to you, and we does not take into account your financial situation or needs.The information contained in this website is not necessarily provided in real-time nor is it necessarily accurate. Prices provided herein may be provided by market makers and not by exchanges.Any trading or other financial decision you make shall be at your full responsibility, and you must not rely on any information provided through the website. FX Empire does not provide any warranty regarding any of the information contained in the website, and shall bear no responsibility for any trading losses you might incur as a result of using any information contained in the website.The website may include advertisements and other promotional contents, and FX Empire may receive compensation from third parties in connection with the content. FX Empire does not endorse any third party or recommends using any third party's services, and does not assume responsibility for your use of any such third party's website or services.FX Empire and its employees, officers, subsidiaries and associates, are not liable nor shall they be held liable for any loss or damage resulting from your use of the website or reliance on the information provided on this website.
This website includes information about cryptocurrencies, contracts for difference (CFDs) and other financial instruments, and about brokers, exchanges and other entities trading in such instruments. Both cryptocurrencies and CFDs are complex instruments and come with a high risk of losing money. You should carefully consider whether you understand how these instruments work and whether you can afford to take the high risk of losing your money.FX Empire encourages you to perform your own research before making any investment decision, and to avoid investing in any financial instrument which you do not fully understand how it works and what are the risks involved.