Silver Price Forecast – Silver markets rallied slightly on Friday

Silver markets rally during the trading session on Friday, reaching higher as the $15 level has offered significant support. It makes sense, it is a large come around, psychologically important figure, and of course an area that has offered support and resistance in the past. With that being the case, it’s likely that we continue to see a lot of choppiness but if we were to break down below the $15 level, I think it opens up the door to the $14.50 level underneath. That obviously would be important as well, as it is a large come around, psychologically figure. Silver tends to move around and $0.50 moves, so it makes sense that it would cause a lot of attention.

SILVER Video 01.04.19

Looking to the upside, the $15.50 level is resistance, and I think it will be hard to break above there. However, given enough time I do think that we will eventually make our move. Pay attention to the US dollar as it is a major driver of where this market goes next. If the US dollar falls, that should help silver as well, and push it towards higher levels. However, the exact opposite as the truth as well, as if we get some type of run towards US dollar strength, that will probably send Silver down to lower levels. Expect a lot of volatility, keep your position size small, and trading this $0.50 range until we are shown a different marketplace. Once we are, then you can become a little bit more aggressive.

Please let us know what you think in the comments below