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Silver Price Forecast – Silver shows signs of exhaustion on Friday

Silver markets rallied a bit during the trading session on Friday, reaching towards the $15.50 level before pulling back slightly. By doing so, we did of forming a shooting star midday, and it suggests that perhaps there could be a buying opportunity on some type of debt.
Christopher Lewis
Silver daily chart, December 31, 2018

As silver broke above the $15 level recently, it’s a very strong sign that we are ready to go higher. We had been consolidating and the $1.00 level for some time, and now that we have broken above the $15 level, we could reach towards the $16 level based upon that pattern. Beyond that, the longer-term market looks as if it is ready to go towards the top of the longer-term consolidation area in the form of the $17.

SILVER Video 31.12.18

I believe that the 50 day EMA underneath is massive support, so it’s not until we break down below that level that I would start to sell silver. I think that the Federal Reserve blinking a bit as far as hawkish in this is concerned could be a catalyst for silver, but beyond that we could also have an issue with silver serving as a bit of a safety play. There is a lot of volatility out there, and I think that the market will continue to be erratic, but I do think that the break out is a very strong sign and I think we should continue to look for value on these dips. Ultimately, I think this market will probably be very choppy but if we can reach to the upside in small bits and pieces, you can build up a larger position. Now that we are above the $15 resistance level, I’m not concerned about using levered markets either, which previously I had shunned.

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