Silver Price Forecast – Silver markets testing uptrend line

Silver markets have tested and uptrend line on the hourly chart, near the $15.45 level. If we break down below that uptrend line, the market probably goes much lower, down towards the $15.30 level. Otherwise, it looks likely that we could go higher, perhaps trying to break above the $15.60 level and grinding to the upside and reaching towards the $15.80 level. That’s an area where we have seen a lot of supply, so I think that more than likely the Silver markets will continue to rally a bit only to find sellers.

If we do break down, I believe that the $15.30 level will offer a lot of demand, but below there I think the $15.20 says level is even more important. This is a market that continues to be very noisy, but silver typically is, and of course will react to the value of the US dollar. If the US dollar strengthens, it’s likely that silver will fall, and of course vice versa. The $15 level underneath is the absolute “floor” in the market, with the area showing a zone of support all the way to at least the $15.50 level. I believe that longer-term money is starting to come back into this market, and physical silver is probably the safest way to play this market. However, if you have the ability to trade the CFD markets, you may be able to take advantage of this trade in a low leveraged environment to pick up a quick scalp, or perhaps more of a buy-and-hold scenario if you have that type of patience.

SILVER Video 27.07.18