Silver Price Forecast – Silver markets find buyers after initial dip

Silver markets continue to be very volatile, but that’s not a huge surprise as it is the nature of silver itself. Ultimately, this market does tend to move in reaction to the US dollar, and what it’s doing. If the US dollar falls, that generally puts a bit of a bid into the silver market, just as if the US dollar rises, it can work against it.

SILVER Video 11.04.19

Looking at the silver market I believe that we are essentially in a trading range, with the $15.00 level extending down to the $14.90 level for support. At the other end of the spectrum we have the $15.50 level as resistance that is extending to the $15.55 level. As long as we are in between the two, it’s very likely that we are going to see a lot of back-and-forth action. Clearly after forming a shooting star and then falling, one would have thought that the sellers were about to take over. However, that’s not what happened as we turned around and showed strength again, which for me simply shows confusion.

If we were to break down below the $14.90 level, then I would be concerned about silver. However, until that happens I think that dips are to be bought, just as we have seen several days in a row. If we were to break above the $15.55 level, then we are probably going to go looking towards the $16.00 level above which is a much larger resistance barrier.

Please let us know what you think in the comments below