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Silver Price Forecast – Silver markets grind higher

Christopher Lewis

Silver markets continue to grind higher during the day on Wednesday, reaching towards the $14.30 level, the beginning of significant resistance. That resistance can be seen as reaching towards the $14.35 level, so I think there is a high likelihood that the sellers could return. However, be very cautious in this market as a futures contract is very expensive. If you are going to trade Silver, I would do from the CFD markets, or perhaps options or even physical. It really comes down to what you feel Silver scented two of the longer-term. I believe that longer-term, silver will go much higher, but I’m not comfortable taking on a lot of leverage in that position so I have been buying physical silver.

The marketplace continues to be very noisy, but I think that you have to believe that the resistance will continue to come into play. However, if the EUR/USD pair can rally and continue to go higher, silver could turn around and take off to the upside. Remember, the US dollar has a major part to play in the way the Silver markets behave. Right now, there are a lot of concerns around the world, so that of course has people dumping precious metals over the longer-term. We are at historically cheap levels, and I think that will be one of the reason you should be paying attention to buying physical silver as it’s a great longer-term investment. As for short-term trading is concerned I think that there is high potential for sellers to enter just above the $14.30 level. However, if we do break out to the upside the ascending triangle measures for a move to $14.50 above, an area that has been important previously.

SILVER Video 20.09.18

This article was originally posted on FX Empire

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