FXEMPIRE
All

Silver Price Forecast – Silver markets remain choppy for Wednesday

The Silver markets went back and forth during the majority of the day on Wednesday, as we have gotten to some relatively high levels recently. However, I think at this point we are essentially trying to figure out where to go next.
Christopher Lewis
Silver daily chart, October 04, 2018

Silver markets have gone sideways during most of the trading session on Wednesday, testing the $14.70 level for support, and finding it. The $14.85 level has offered resistance, and we have just gone back and forth. The market has been explosive lately, so it’s not overly surprising that we may need to take a bit of a breather. I think that the $15 level above will continue to cause a major resistance barrier, so be aware of that if we do rally. Otherwise, we could pullback but I think that the $14.50 level should offer plenty of support as well. I think the easiest way to play the silver market is to simply watch the US dollar.

The EUR/USD pair is the easiest way to keep track of the US dollar, as it is so highly represented in the US Dollar Index. If the EUR/USD pair rallies, that typically help silver as it brings down the value of the US dollar by default. Otherwise, if the pair falls and breaks through a major barrier such at the 1.15 level, then I think silver will collapse and we will drop rather drastically. However, you can see that over the last couple of weeks we have seen surges higher followed by short-term pullbacks that have been buying opportunities. I recognize it is going to take a significant amount of momentum building to clear the $15 level, but once we do I think the market will continue to go much higher. At this point, I believe the $14 level is a massive “floor.”

SILVER Video 04.10.18

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