Silver Price Forecast – Silver markets very noisy on Thursday
Silver markets continue to be very noisy, as the US dollar has been stronger as of late. Silver is very sensitive to the US dollar and has been in a downtrend for a while. The $15.50 level underneath is the beginning of massive longer-term support, and I think it extends down to the $15.00 level. The market will continue to find plenty of buyers underneath, especially of the longer-term variety. Because of this, I suspect that we will continue to grind towards that area before massive amounts of demand will reenter the market. This will be especially true if the US dollar sells off, as it provides a bit of fuel for that move.
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In general, I think it we can break above the $16.15 level, the market could probably then go to the $16.50 level above. This is a market that I think will continue to be very noisy to say the least, but that’s nothing new as silver is one of the more volatile futures or CFD market she can be involved in. I think short-term traders will continue to short this market, but again, I believe that the longer-term attitude of most traders will continue to be one of bullish attitude for investors, and I think that a lot of physical silver is being bought underneath. However, if you have the ability to trade short-term markets, this could be a nice selling opportunity in the short term before turning right back around.