Silver Price Forecast – Silver markets noisy in thin trading on Wednesday

Silver markets have been very noisy during thin trading on Wednesday, as the Americans were away to celebrate Independence Day. When I look at this chart, it’s obvious that the market is trying to go back and forth around the $16 level, but I think that the $16.15 level above is Important, and if we can break above there it’s likely that the market continues to go higher, perhaps reaching towards the $16.50 level. The alternate scenario of course is that we break down, and a move below the $15.80 level opens the door to the $15.50 level next.

I anticipate a lot of volatility in the Silver markets, but quite frankly that’s nothing new and it’s something to be expected. The market is gripping with the idea of global trade slowing down, and of course a strengthening US dollar longer-term. I believe that silver continues to find a lot of noise in this region, but I believe that the $15.50 level is even more important, so I would become an aggressive buyer at that point. I believe a lot of longer-term traders are waiting down in that area, looking to pick up silver on the cheap. At that point, I would anticipate a lot of long positions being filled, and that it’s likely we would continue to grind higher from that area. At this point, you should start to look at this as a two level type of market. Short-term traders may sell this market, but longer-term traders are looking for value underneath.

SILVER Video 05.07.18