Silver Price Forecast – Silver continues to hover
Silver markets did very little to kick off the week on Monday, as we continue to hover above the 50 day exponential moving average. Recently, we’ve been consolidating between $14 below and $15 above, with the 50 day EMA offering a bit of support as well. Ultimately, the market is going to pay attention to the Jerome Powell after the interest rate hike on Wednesday, as the statement may make a certain amount of indication as to where we go next. After all, there are a lot of concerns about whether the Federal Reserve is going to continue to hike next year, or if they will back down, which will also cause a significant amount of momentum in this market.
SILVER Video 18.12.18
Simply put, if the Federal Reserve looks likely to continue to hike interest rates next year, then it’s likely that silver will rollover. However, if we break above the $15 level, and we get a more dovish statement out of Jerome Powell, then it’s likely that silver will continue to go higher, reaching towards the $16 level, perhaps even higher than that. Ultimately, this is a market that’s waiting for some type of direction from the Federal Reserve on Wednesday, so between now and then I would not expect much in the way of momentum. If we don’t get any clarity, it’s likely that we will simply stay within the range that we have been trading in.
This article was originally posted on FX Empire
