Silver Price Forecast – Silver markets sideways for Wednesday sessionSilver markets were sideways during Wednesday, after dipping on Tuesday to the $14 level. That is an area that is crucial, and as a result there will always be a lot of attention paid to that area.
Silver markets were relatively quiet during the session on Wednesday, which is a bit surprising considering that the US dollar had a lot of issues in general. As the word came out that James Bullard suggested that perhaps an inverted yield curve could lead to recession, the US dollar got hammered. However, Silver was suspiciously quiet. This shows just how Barry silver is right now on the short-term charts. I do recognize that the $14 level will offer a lot of support, as it is important on the longer-term charts. It is because of this that the rallies must be looked at as opportunities to sell.
With that being the case, it’s likely that we will see Silver markets shop around and sellers come in at higher levels. The most obvious one for me right now as the $14.25 level, but I must point out that as gold rally during the session, silver couldn’t be bothered. That’s another reason to be very bearish of this market. Silver markets are highly manipulated by J.P. Morgan at the moment, as they have a lot of paper shorts out there. Longer-term though, silver should be thought of as a cheap investment, and therefore I like buying physical silver as you know. However, short-term rally should be thought of as opportunities to take advantage of what has been a relatively easy trade, cell silver every time it shows signs of strength. If we were to break down below the $14 level, the market will more than likely go looking towards the $12 level for even more support.