Silver Price Forecast – Silver markets flat on Wednesday

Silver markets have been very quiet over the last couple of days and are currently dancing around the $16.25 level. Silver is highly sensitive to risk appetite and of course the US dollar, so if the US dollar were to rally like it did on Thursday of last week, it’s likely that silver will fall. At this point, I look at the $16.50 level above is a bit of resistance, and if we can clear the $16.60 level, this is a very strong sign, and we should continue to go to the $17 level after that.

In the short term, the $16.25 level should offer plenty of support, and at this point I think that the market breaking down below there could open the door to the $16 level underneath. That’s a large, round, psychologically significant number, and an area that would attract a lot of attention as it has in the past. That’s an area that I think would attract a large amounts of bid orders, and at this point I think should be thought of as value. I don’t use much in the way of leverage when it comes to Silver, because it is so noisy. However, I do believe in the longer-term viability of an uptrend and have been buying physical silver. Longer-term, I anticipate that this market will go looking towards the $20 level, but we don’t have the catalyst currently. This is essentially an accumulation phase that’s been going on for well over year, so I look at dips as value but recognize that short-term traders will go back and forth on the futures markets or even the CFD markets.

SILVER Video 21.06.18