Silver Price Forecast – Silver markets tests major support

Silver markets broke down significantly again on Monday, reaching down to the $14 level area, an area that has been massive in its importance from not only a short-term standpoint, but going back several years. The fact that we are so close to the $14 level and the market looks hell-bent on testing it, we very well could break down below here and continue to go much lower. Beyond the chart, the US dollar continues to show signs of strength, suggesting that perhaps we will continue to see a scenario in which we could reach to the $13 level, possibly even the $12 level which is massive support on a monthly timeframe.

SILVER Video 13.11.18

Pay attention to the EUR/USD pair, it has broken down during the day and that of course is not a good sign. Overall, I believe that the market will eventually find some type of footing but it certainly looks as if we will probably need to go lower in the short term. Higher interest rates in the United States continue to push the value of the US dollar higher, and that of course should continue to favor cheap or silver. Longer-term, I do like silver a lot, but clearly we are ready to take off at this point. Rallies are to be sold, until of course we can break above the $15 handle. If that were to happen, then we could go much higher but right now we would need some type of significant event to cause silver to rally like that. It had been enjoined a bit of a safe haven bit, but those days are behind us it seems.