Silver Price Forecast – Silver markets forming Triangle

Silver markets continue to grind sideways overall against the US dollar as we are trying to figure out what to do next. Ultimately, the 200 day EMA underneath offers a lot of support as well, just as the gap will. At this point I think that the market will continue to find buyers in that area, and even if we do break down a bit from here I’d be more than willing to look into the idea of buying closer to the $15.00 level. Above, I see the $15.50 level as significant resistance but ultimately we can break above there and go looking towards the $16 level. It’s going to take some time to get there, and we will have the occasional pullback.

SILVER Video 01.07.19

The Federal Reserve is looking to cut interest rates so that should help precious metals in general. Ultimately, I think that the market will probably find buyers on dips, and that’s essentially how I’m going to play this market. Taking advantage of value every time we get an opportunity to do so is the best way to play this market. It’s not until we break through the $15 level significantly that I would be a concerned party. Until then, I anticipate that we will grind our way higher, as this market tends to be a bit slower moving than gold, perhaps due to the massive contract size. Either way, I have no interest in shorting and I do believe it’s only a matter time before we go higher. If we can break above the $16.00 level, then the market could go even higher from a longer-term situation.

Please let us know what you think in the comments below