Silver Weekly Price Forecast – Silver markets testing major support
Silver markets spent most of the week falling, and even broke down below the bottom of a couple of hammers. While it is still possible that we are consolidating between $14 on the bottom and $15 on the top, suddenly, things look very bearish again. If we break down through the $14 level, is very likely that we continue to go much lower, perhaps down to the $12 level based upon longer-term historical charts. Silver is essentially suffering at the hands of the US dollar in the higher interest rates coming out of the United States. Because of this, I think it’s only a matter time before we see that weigh upon precious metals overall yet again, and if we break down below the $14 level, I think we then go looking towards the $13 level, and then eventually the $12 level underneath which I think will bring in a lot of fresh money.
SILVER Video 12.11.18
If we can hang at the $14 level we could get a bit of a bounce but I’m not interested in buying from a longer-term move until we clear the $15 level. If that happens, that would obviously be a very bullish sign but its overall going to be very difficult to have that happen. I think at this point the path of least resistance is probably to the downside, and I think that we would need to find buyers at lower levels after that happens.
This article was originally posted on FX Empire