Silver Price Forecast – Silver markets rally to test resistance again

Silver markets are continuing to rally a bit during the trading session on Wednesday, reaching towards the $15 level. I think that the market is trying to break above that level, and if it can do so, it’s very likely that we will extend gains for a move close to the $16.00 level. Ultimately, we are essentially in a $1.00 range, with the $14 level underneath offering significant support. Pay attention to the US dollar, it has a lot of influence in this market, as it gives you a barometer on what precious metals may do overall.

SILVER Video 13.12.18

Silver markets have been very range bound since the middle of August though, so it’s going to take a certain amount of momentum to finally break out. If we do, I think that’s a good sign for the future. Otherwise, if we struggle at the $15 level, I would be willing to put on a small short position, expecting a return to the 50 day EMA, if not the bottom of the overall consolidation area. I think the next couple of days are crucial, so paying attention to the $15 level and how the market reacts that level is probably the only thing you should be focused on right now. For what it’s worth, the 50 day EMA is starting to turn a slightly higher, and that of course could help this market rally. Gold has recently broken above the $1250 level, and if it can get some type of impulsive move to the upside, that could drag Silver right along up with it.