Silver Price Forecast – Silver markets very noisy on Friday

Silver markets went back and forth during the day on Friday after the jobs number came out, and that’s not surprising considering how typically these days tend to be a bit of a wash. Overall, I believe that the silver market is trying to form a bit of a bottom underneath, and I am a buyer of dips. I’m very cautious about it though, because we have so much in the way of pressure in both directions. The $15 level above is massive resistance, and I think a break above that level could send a flood of new money into the market. Otherwise, I look at dips as buying opportunities and believe that the $15.50 level should be a nice buying opportunity, and a supportive candle in that area should be the signal to go long.

I believe that the $14 level underneath should continue to be massive support, so I’m looking for an opportunity to go long at that area as well. If we were to break down below there, that would change everything and perhaps since over as low as $12 over the longer-term. The EUR/USD pair is a proxy for US dollar strength, so I’m waiting to see if we can get some US dollar weakness to help lift silver as well. Currently, EUR/USD pair is finding support near the 1.15 handle, and if it holds that should give silver some help and perhaps even a little bit of hope going forward.

SILVER Video 08.10.18