Silver Price Forecast – Silver markets show resiliency on ThursdaySilver markets rally during the trading session on Thursday, reaching towards the $14.80 level early in north American trading. The market looks likely to break above here, as it has shown so much in the way of resiliency. However, there are plenty of areas above that could cause resistance. In other words, it’s going to be very choppy.
Silver markets continue to be very choppy but have shown a proclivity to the upside over the last couple of weeks. I think at this point with the jobs number coming out on Friday, it’s likely that the Silver markets are going to cause a lot of headaches for traders. Quite frankly, the $15 level above is going to offer significant resistance, and I think if we can break above that level then we can start to talk about a longer-term move. The $14 level underneath has proven itself to be massive support yet again, as it has been tested a couple of times on longer-term charts. Since we reach that level, buyers continue to jump in on these pullbacks. However, I don’t think that the $15 level is going to be easy to get above.
The jobs number will of course affect the US dollar, and that should continue to be one of the main focuses for traders overall. I think that the prudent trader will use the CFD market as opposed to the futures market, because each tick is worth $25. Obviously, you have to have the amount of capital to justify that size of the position. However, I have been buying physical silver as I do believe that we will continue to go higher over the longer-term, but we need the US dollar to soften a bit. In other words, we need the ECB to start tightening for silver to continue to take off.