FXEMPIRE
All

Silver Price Forecast – Silver markets rally as dollar falls

The silver market rally during the trading session on Thursday as the US dollar fell in reaction to softer than anticipated CPI numbers coming out of America. Ultimately, this is a market that has been in a strong downtrend, but the pop on Thursday may have blown out some stops.
Christopher Lewis
Silver daily chart, September 14, 2018

Silver markets have rallied quite nicely during the trading session on Thursday, but they are still very much in a downtrend overall, so I’m not interested in buying silver with a leveraged position. I do buy silver in physical form as you know, but I think we are starting to show signs of resistance near the $14.40 level, and  volume is starting to dry up a little bit. If that’s the case, we will probably see this market role right back over but I would anticipate some type of short-term support at the $14.30 level. Beyond there, we probably would go down to the $14.20 level next. I think that if you are trying to play the precious metals market for break out to the upside, you probably need to be thinking more along the lines of gold as it has outperformed silver handily for quite some time now.

Quite frankly, as far as futures or CFD markets are concerned, I only sell silver. These things can change obviously, but I see a ton of resistance above at the $14.40 level, not to mention the $14.50 level which will attract even more attention. We have had a nice bounce from the $14 handle, which is longer-term support so there is that bit to hang your hat on if you are bullish, but quite frankly with silver underperforming there’s no reason to put money here when you can put it in gold. Remember, essentially this is a great market to short at this point for precious metals exposure, but if you’re looking to buy, gold is probably better.

SILVER Video 14.09.18

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
IMPORTANT DISCLAIMERS
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.
RISK DISCLAIMER
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.
FOLLOW US