Silver Price Forecast November 6

Silver markets drifted a little bit lower during the trading session on Monday, breaking below the $14.70 level, before bouncing slightly. The $15 level above is massive resistance though, and I think if we get above there the market will go much higher, perhaps reaching towards the $15.50 level next. Looking at this chart, I think that we will continue to go back and forth in the silver market as we typically do. Quite frankly, the market is very volatile in general, so it’s not a huge surprise that we would go back and forth.

SILVER Video 06.11.18

Pay attention to the value of the US dollar in general, because it of course has a major influence on precious metals, especially silver as it is so thin in volume in comparison to gold. At this point, I think we will continue to go back and forth between the $14 level on the bottom, and the $15 level above. Looking at this market, we have gone sideways for a while now, which is a reasonably good sign after the massive downtrend that we had previously had. Because of this, I think that we will eventually try to break to the upside but we need the US dollar to calm down more than anything else. Ultimately, this is a market that you should approach very carefully, but I certainly think that at this point it makes sense to dip your toe in the water if you are a longer-term investor, if you are a shorter-term investor you should find these couple of levels to your liking as well.