Silver Weekly Price Forecast – Silver markets bullish for the week

Silver markets have rallied significantly during the week, breaking towards the $14.75 level, as showing signs of resiliency. However, the $15.00 level above is massive resistance, so I think if we can break above the level, I think that the market could spring much higher. Pay attention to the US dollar, because the greenback falling could give Silver the ability to jump higher. However, if the greenback strengthens, then we probably see the market fall back towards the $14.00 level. The market breaking down below that level would be a significant move, reaching down to the $12.00 level. The alternate scenario of course is that we get that break out to the upside, and I think that the next couple of weeks may be crucial. However, I don’t necessarily think that a longer-term trade will kick off between now and New Year’s Day. If it does, you have a couple of obvious moves. Otherwise, I like the idea of going back and forth on short-term charts using these obvious support and resistance barriers.

SILVER Video 10.12.18

I would say that the best way to trade this market is simply going back and forth on short time frames, especially considering that we are getting to a lower liquidity environment. We have recently broken through a major uptrend line on a 20 year chart, so I think there is a good chance we roll over, but it’s also possible that if the EUR/USD pair starts to rally, perhaps this market will as well. I believe that the greenback is teetering due to the Federal Reserve softening a bit and it’s tone recently.