Silver Price Forecast – Silver markets skyrocket on Friday

Silver markets exploded to the upside during the day on Friday, using the $15.25 level as a springboard. We broke towards the $15.50 level, an area that of course has a certain amount of psychological significance. · FX Empire

Christopher Lewis

Updated Fri, Aug 3, 2018, 10:29 PM

Silver markets reached towards the $15.50 level above, which is a significant amount of resistance in the market. I think we will probably pull back from here, but quite frankly I think it should be a nice buying opportunity, as a should offer plenty of value. Alternately, if we break above the $15.65 level, that would also be a very positive sign. I have no interest in shorting Silver, because quite frankly we are at the bottom of a longer-term consolidation area. The rally on Friday simply confirms this, and I feel it is only a matter of time before Silver explodes that the upside.

The US dollar being sold off is what could help this market going higher, and one of the easiest ways to pay attention to that is monitoring the EUR/USD pair. If the pair at rallies, that should put downward pressure on the US dollar in general, and it should send this market higher. However, we are a bit parabolic in the short term so don’t be surprised if we get a pullback that we can take advantage of at lower levels. The $15.40 level looks to be a cluster, and then the $15.30 level after that. Overall, I think it is “buy on the dips” type of situation, and I believe that longer-term traders are certainly starting to buy physical silver down at this area. However, I think that the back-and-forth consolidation on the weekly chart continues to be the case, as traders go back and forth in the futures market.