Silver Price Forecast – Silver markets skyrocket on FridaySilver markets exploded to the upside during the day on Friday, using the $15.25 level as a springboard. We broke towards the $15.50 level, an area that of course has a certain amount of psychological significance.
Silver markets reached towards the $15.50 level above, which is a significant amount of resistance in the market. I think we will probably pull back from here, but quite frankly I think it should be a nice buying opportunity, as a should offer plenty of value. Alternately, if we break above the $15.65 level, that would also be a very positive sign. I have no interest in shorting Silver, because quite frankly we are at the bottom of a longer-term consolidation area. The rally on Friday simply confirms this, and I feel it is only a matter of time before Silver explodes that the upside.
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The US dollar being sold off is what could help this market going higher, and one of the easiest ways to pay attention to that is monitoring the EUR/USD pair. If the pair at rallies, that should put downward pressure on the US dollar in general, and it should send this market higher. However, we are a bit parabolic in the short term so don’t be surprised if we get a pullback that we can take advantage of at lower levels. The $15.40 level looks to be a cluster, and then the $15.30 level after that. Overall, I think it is “buy on the dips” type of situation, and I believe that longer-term traders are certainly starting to buy physical silver down at this area. However, I think that the back-and-forth consolidation on the weekly chart continues to be the case, as traders go back and forth in the futures market.