Silver Price Forecast – Silver markets pulled back following FOMC

Silver markets were very volatile during the trading session on Wednesday, showing signs of indecision ahead of the FOMC statement. This makes a lot of sense though, because quite frankly while we do anticipate higher interest rates coming out of the United States and therefore possibly a stronger dollar, it will be the tone of the statement the people will be paying the most attention to. Overall though, the $14.40 level is support, but I think that if we break down below that level, it’s likely that we could go to the $14.30 level after that. Overall though, I think the one thing you can count on is a lot of back-and-forth with the market pain attention to every $0.10.

I think longer term we go much higher, and therefore I have been buying physical silver. However, the levered markets are a bit more complicated than that, as we have seen so much in the way of support and resistance at various levels. I think that overall the market is one that you buy on dips now, as the $14 level has shown itself to be massive in its support. If we were to break down below the $14 level, that would be nothing short of catastrophic for silver, perhaps opening the door to the $12 level. At this point though I think it’s very unlikely and I think it’s more likely that we would go towards the $15 level where I expect to see a huge fight at that point.

SILVER Video 27.09.18