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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.

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