Yahoo Finance Silver Price Forecast – Silver markets quietly positive on Monday
With the softening US dollar to start the week, it makes sense that Silver would rally just a bit. However, you can see that there is a certain amount of supply at the $14.80 level, as evident by a massive negative hourly candle during the August 15 session. The $15 level above was previous support, so I think at this point it might end up being resistance, at least from the short-term charts. The last couple of hourly candles have been shooting stars, and it looks like the market is trying to roll over again. Ultimately, I think that there is even more support underneath at the $14.00 level, an area that had seen massive buying over a year ago. There is a huge weekly hammer that bounces from that area, so I think that we will continue to struggle towards that level.
Ultimately, if we rally towards the $14.80 level, and more importantly break above it, then the market will go testing the $15.0 level above. I do not think that that market will break above there easily, but if it were to clear the $15.10 level, then the market continues to go much higher, perhaps towards the $15.50 level. Quite frankly, I believe this is all about the US dollar, so pay attention to it. It did soften a bit on Monday, so that helped. However, it looks as if we may be rolling over already.
SILVER Video 21.08.18
This article was originally posted on FX Empire
