Silver Price Forecast – Silver markets find support

Silver markets have tested the $14 level, turning around to show signs of support. If we can hold this level, that is indeed a very good sign, and could see the market trying to reach the $15 level again. However, there are a multitude of issues to worry about.
Silver daily chart, November 15, 2018

Silver markets look as if they are trying to find support at the $1400 level, an area that of course will attract a lot of attention due to the large, round, psychologically significant figure. If we break down below the bottom of the candle stick though, that opens the door to the $13 level, and then eventually the $12 level. At this point, I think that it’s likely we will at the very least get some type of bounce, and therefore I like the idea of buying for a short-term trade in the futures market. As far as longer-term trading is concerned, I continue to like the idea of owning physical silver.

SILVER Video 15.11.18

If we do break down below the lows of the session for Wednesday, then I become aggressively short in the futures market because this is such an important level. I believe that the markets are in a downtrend for a reason, namely because of the higher interest rates in the United States, but eventually this has to end. I believe it either ends at the $14 region, or the $12 region and we are simply awaiting for some type of answer to those questions. If we could turn around and break above the $15 level, then we should go much higher at that point as it would be such a bullish turn of events. I think the one thing you can count on is a lot of choppiness though.

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