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.

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