Silver Forecast October 29, 2014, Technical Analysis

The silver markets tried to rally during the session on Tuesday, but failed again. That being the case, we ended up forming a shooting star, and as a result it looks as if the market could be facing quite a bit of pressure at the moment, as the $17 level has been supportive. Because of that, we believe that a move below the $17 level should send this market lower, but we also believe that rallies of to the $17.50 level will more than likely be met with selling pressure going forward, as the US dollar continues to strengthen overall.