Silver Price Forecast – Silver markets stall on Monday
Silver looks as if it is struggling a bit during trading on Monday, just below the previous uptrend line, and then eventually the 50 day EMA. Ultimately, I think that we will probably make a move towards the $14 level, and it would only take a little bit of upward pressure on the US dollar to make that happen. The $14 level of course is psychologically important, and structurally support. However, if we break down below that level I think that silver will probably go looking towards the $12 level over the longer-term.
SILVER Video 20.11.18
Recently, I was doing some long-term work and recognize that we have broken through a major uptrend line on the monthly chart, so it suggests that perhaps we still have some bearish pressure to go. Because of this, I think it’s only a matter of time before we roll over and quite frankly with all of the concerns that people have around the world, it makes sense that people continue to buy the US dollar.
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Rallies at this point are selling opportunities on signs of exhaustion as far as I can see, and I believe that the $15 level above is also a massive resistance. In fact, if you squint you can look at the recent action as a trend line that was broken in an ascending triangle. When an ascending triangle fails, it’s a very negative turn of events. If we break above $15, then obviously we go much higher because it is such a strong move. Otherwise, I fully anticipate selling coming.