Silver Price Forecast – Silver markets quiet on Thursday

Silver markets did very little during the trading session on Thursday, as we continue to drift lower in general. True, we did get a bit of a rally during the trading session on Wednesday in reaction to what appeared to be a somewhat dovish statement by J Powell, but I think we are still most certainly negative overall and I think we are drifting towards the vital $14 level. I believe at this point silver will continue to underperform gold, as the silver market seem to be much more volatile and more sensitive to the US dollar.

SILVER Video 30.11.18

It’s not until we break above the 50 day EMA on a daily close that I think the buyers will get a bit of a reprieve. If we can break above the $15 level, that could send the market to much higher levels, perhaps as high as $17. However, I think it’s much more likely that we break through the $14 level and go looking towards the $12 level longer-term. We had recently broken through a major uptrend line going back 20 years, so obviously we still have some negativity in this market to go, so I think it’s much easier to simply short this market every time at rallies. Unless something changes drastically in the direction of the US dollar, I believe silver will continue to be very soft very negative. At longer-term though, I do like silver, I just believe in buying it in its physical form.