Silver Price Forecast – Silver markets volatile during the trading session on Friday

The Silver markets continue to move with the US dollar, rising as the dollar falls. Beyond that, we also get a bit of safety trade involved in Silver lately, as we continue to see a lot of volatility. The markets of course are skittish when it comes to a lot of different things right now, not the least of which would be the Sino-American trade relations. I think at this point, the market should continue to be noisy, so by all means you need to be a bit cautious about trading silver and the best way to do that is to keep your position size somewhat small.

I think at this point, the $14.50 level should offer support, and therefore a pullback to that level should be thought of as value. If we break down below the $14.50 level, then we go down to the $14.30 level next. Looking at this chart, it’s likely that we will continue to see value hunting occasionally, and I am bullish of silver over the longer-term. However, there are a lot of “paper shorts” out there, and that of course is bearish for the market, or at least keeps a bit of a lid on it. However, the $14 level underneath is massive support. In fact, that has been a massively supportive level on longer-term charts, so it’s crucial. If we were to break down below the $14 level, not anything were going to do in the short term, that would be catastrophic. I think at this point we will continue to grind towards the $15 level though.

SILVER Video 22.10.18