Silver Price Forecast – Silver markets remain choppy for Wednesday

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