Silver Price Forecast – Silver continues to grind lower
With the extraordinarily bullish US dollar as of late, silver has taken it on the chin. The silver market continues to see negativity, but at this point I think that we are getting close to the bottom. The $15 level underneath is a major support level, and I think it extends to the $15.50 level based upon longer-term charts. In other words, I think that at this point you should be looking for a potential buying opportunity but I would be cautious about putting too much money into the market in one shot. I think that longer-term, the market will turn around and that the longer-term investor will be looking to get into silver at these cheaper levels.
Longer-term traders tend to buy the silver market in a physical form, so therefore leverage doesn’t come into play. I think that the market is difficult to buy in the futures market right now, unless of course you have the ability to deal with as much as a $0.40 move against your position. At something that’s very difficult to tolerate in the futures market, but in the CFD markets you may have the ability as well. Longer-term, the market should go looking towards the $17.50 level, but I think that the US dollar is probably the biggest issue that silver has currently. We are starting to approach very significant support levels for other currencies against the US dollar, so that bounce could coincide quite nicely with the precious metals markets.
SILVER Video 19.07.18
This article was originally posted on FX Empire
