Silver Weekly Price Forecast – Silver markets struggle to break resistance
Silver markets continue to go back and forth during the week, as it looks likely that the $15 level should offer resistance. That’s an area that has been difficult to break above for some time, and I think that is the main theme here, if we can break above the $15 level, the market could go much higher, perhaps reaching towards the $17 level. In general, I think that if we drop from here, there should be massive support at the $14 level though. If we break down below there, then I think we will eventually go looking towards the $12 level. That is an area that has been massive in its support longer-term, and I think it’s only a matter of time before the buyers would jump in and get involved at that point.
SILVER Video 17.12.18
The overall consolidation has been in effect for several months now, and that could be the theme going into the end of the year. I do like buying physical silver though, because the price of silver is historically cheap, so hanging onto non-levered products give you an opportunity. However, if you are in levered markets, you may need to assume that we are simply going sideways. I would become extraordinarily bullish above the $15 level though and would do so in levered products.
Looking at this chart, I suspect that the next couple of weeks could be a little bit soft, but between now and the end of the year it would be a bit surprising to see silver break down below the $14 level as we are approaching the holidays.
This article was originally posted on FX Empire
