Silver Price Forecast – silver market finds sellers
Silver markets have formed a very bearish candle stick for the trading session on Tuesday, reaching towards the $14 level at this point from what I can see. The uptrend line that we previously had seen in this market has proven itself to be resistive, just as the 50 day EMA has. Because of this, I think it makes a lot of sense that we go down to the $14 level, perhaps even lower than that. A break down below the lows should send this market down to the $12 level longer-term.
SILVER Video 21.11.18
However, if we turn around and break above the 50 day EMA, and more importantly close above that on a daily chart, then the market could go as high as $15. I think the massive amount of bullish pressure in the US dollar will continue to push silver lower, as is the typical correlation. I think it is only a matter of time before the sellers reenter this market, and it now looks very obvious to me that silver is probably going to retest the major support level again. I also believe it is probably going to break down based upon longer-term charts, as we have seen a major uptrend line on the twenty-year chart get broken recently.
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I suspect that the $12 level will have a lot of support down at the $12 level, but it could be rather noisy in the process. I believe in silver longer-term, but obviously we have plenty of short-term bearish pressure.