Silver Price Forecast – Silver markets rally as dollar falls

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