Silver Price Forecast – Silver skyrockets for Friday session

Silver markets shot straight up in the air during the day on Friday, breaking the bank of a lot of selling pressure. We increased price based upon strong volume, which of course is helpful as well.
Christopher Lewis
Silver daily chart, October 02, 2018

Silver markets gapped lower to kick off the day on Friday, but then turned around to explode to the upside as silver buyers came in on value. We are now above the $14.50 level, which of course is a major hurdle, and now it looks likely that we are going to run towards the $15 level above. That’s an area that has a certain amount psychological importance, so I would expect a short-term pullback from there. However, looking at the weekly chart I think there’s a real chance that we continue to go above there. I believe that it’s only a matter of time before buyers will pick up these dips based upon value, now that we have seen this massive surgeon volume and movement.

At this point, if we break above the $15 level and if we can stay there, adding to a long position might be the way that a lot of larger players continue to go forward. I would be a buyer of dips and think that it’s only a matter of time before we enter a nice long uptrend. At this point, the $14 level looks as if it has held yet again, and that the longer-term “smart money” has seen this area as important. That doesn’t mean that it’s good to be an easy ride higher, but it certainly looks likely that there will be continued interest in picking up silver, as the fear of missing out certainly is starting to grip the market. Silver is always volatile, so don’t be surprised when we pulled back sharply.

SILVER Video 01.10.18

Don't miss a thing!
Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Latest Articles

See All

Expand Your Knowledge

See All
The content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. It does not constitute, and should not be read as, any recommendation or advice to take any action whatsoever, including to make any investment or buy any product. When making any financial decision, you should perform your own due diligence checks, apply your own discretion and consult your competent advisors. The content of the website is not personally directed to you, and we does not take into account your financial situation or needs.The information contained in this website is not necessarily provided in real-time nor is it necessarily accurate. Prices provided herein may be provided by market makers and not by exchanges.Any trading or other financial decision you make shall be at your full responsibility, and you must not rely on any information provided through the website. FX Empire does not provide any warranty regarding any of the information contained in the website, and shall bear no responsibility for any trading losses you might incur as a result of using any information contained in the website.The website may include advertisements and other promotional contents, and FX Empire may receive compensation from third parties in connection with the content. FX Empire does not endorse any third party or recommends using any third party's services, and does not assume responsibility for your use of any such third party's website or services.FX Empire and its employees, officers, subsidiaries and associates, are not liable nor shall they be held liable for any loss or damage resulting from your use of the website or reliance on the information provided on this website.
This website includes information about cryptocurrencies, contracts for difference (CFDs) and other financial instruments, and about brokers, exchanges and other entities trading in such instruments. Both cryptocurrencies and CFDs are complex instruments and come with a high risk of losing money. You should carefully consider whether you understand how these instruments work and whether you can afford to take the high risk of losing your money.FX Empire encourages you to perform your own research before making any investment decision, and to avoid investing in any financial instrument which you do not fully understand how it works and what are the risks involved.