Silver Price Forecast – Silver markets rally to close the weekSilver markets rally to close the week on Friday, as we have clear the 50 day EMA. The market looks likely to continue the overall consolidation that I have laid out on the chart.
Silver markets have rallied a bit during the trading session on Friday, clearing the 50 day EMA, reaching towards the $15 level above, an area that has been massive resistance. I think if we can break above there, then it’s likely that we could go much higher, perhaps breaking out towards the $16 level, possibly even the $17 level. However, I think that if we market is much more likely to stay within the range that we have been in. If we do pull back, then I think we could go as low as the $14 level.
SILVER Video 10.12.18
Ultimately, silver is driven by the US dollar intends to trade inversely. If it was about supply and demand, silver would be much higher than it is right now, as we have had a shortage of silver for ages. I think that if we break down below the $14 level, then we could go down to the $12 level after that as it is the next major support level on the longer-term charts. We have recently broken below a major uptrend line on the twenty-year chart, so that of course is something to pay attention to. I think between now and the end of the year we will probably see a lot of sideways action so I plan on range trading as volumes will drop and it’s difficult to imagine a lot of fresh money coming into the markets as most traders will be looking to close out profits for the year and ride out what will be a very thin time of year.