Silver Price Forecast – Silver markets hover on Wednesday

Silver markets have gone back and forth during the last 24 hours, as we hang around the 50 day EMA. This is a market that is highly influenced by the US dollar, so pay attention to that as well. At this point, the market is consolidating in a $1.00 range, and we are at roughly at the middle.
Christopher Lewis
Silver daily chart, December 06, 2018

Silver markets initially dropped during the trading session on Wednesday, as the $14.50 level continues to offer a lot of attention. The market breaking down below the $14.50 level could send it back down towards the $14 level, which I see as the bottom of the consolidation that we are currently in. The $15 level above is resistance, so I don’t think that the market will be breaking above there in the short term. However, if the US dollar starts to soften suddenly, we could see Silver break above the $15 level, which of course would be a very bullish sign. If we break above there the market could go to the $17 level, and it’s likely that it would be a very bullish move that you can hang onto.

SILVER Video 06.12.18

In the short term, I think it’s more likely that we just simply bounce between $15 and $14, with more of a downward attitude overall. The 50 day EMA does look like it’s still a bit negative, and if we can break down below the $14 level, the market very well could go down to the $12 level, and even more supportive level on longer-term charts. I believe that longer-term, silver is a nice investment but an investment would probably be the best way to put it. I would be looking at buying physical silver more than anything else at this point.

Don't miss a thing!

Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Latest Articles

See All

Expand Your Knowledge

See All
The content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. It does not constitute, and should not be read as, any recommendation or advice to take any action whatsoever, including to make any investment or buy any product. When making any financial decision, you should perform your own due diligence checks, apply your own discretion and consult your competent advisors. The content of the website is not personally directed to you, and we does not take into account your financial situation or needs.The information contained in this website is not necessarily provided in real-time nor is it necessarily accurate. Prices provided herein may be provided by market makers and not by exchanges.Any trading or other financial decision you make shall be at your full responsibility, and you must not rely on any information provided through the website. FX Empire does not provide any warranty regarding any of the information contained in the website, and shall bear no responsibility for any trading losses you might incur as a result of using any information contained in the website.The website may include advertisements and other promotional contents, and FX Empire may receive compensation from third parties in connection with the content. FX Empire does not endorse any third party or recommends using any third party's services, and does not assume responsibility for your use of any such third party's website or services.FX Empire and its employees, officers, subsidiaries and associates, are not liable nor shall they be held liable for any loss or damage resulting from your use of the website or reliance on the information provided on this website.
This website includes information about cryptocurrencies, contracts for difference (CFDs) and other financial instruments, and about brokers, exchanges and other entities trading in such instruments. Both cryptocurrencies and CFDs are complex instruments and come with a high risk of losing money. You should carefully consider whether you understand how these instruments work and whether you can afford to take the high risk of losing your money.FX Empire encourages you to perform your own research before making any investment decision, and to avoid investing in any financial instrument which you do not fully understand how it works and what are the risks involved.