Silver Price Forecast – Silver markets fail to hang onto gains on Thursday

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Silver markets rallied a bit during the trading session on Thursday only to turn around and gave back most of those gains. The $15.50 level looks to be important, and a bit of a battleground currently. With the jobs number coming out today, it’s very likely we will see more of the same. · FX Empire

Christopher Lewis

Updated Thu, Aug 2, 2018, 9:46 PM

Silver markets initially tried to rally during the day on Thursday but found the $15.50 level a bit too expensive and rolled over to struggle overall. I believe that the market will probably continue to be very noisy between now and the jobs number, and quite frankly silver is a bit too volatile for my liking to try to predict what happens next with money. I believe at this point the one thing you can probably count on is a lot of noise. I think at this point, if we can break above the $15.65 level, the market could go higher, perhaps reaching towards $15.80 next, and then perhaps even the $16.15 level.

I believe that the $15 level underneath is massive support, and it should be thought of as a bit of a “floor” in the market. However, with the jobs number coming out today it’s likely that the market will continue to jump around quite a bit. The value of the US dollar will be a huge influence on where we go next, so keep that in mind. I believe that you should pay attention to the EUR/USD pair, as it is the easiest barometer to measure US dollar strength. If it starts to rally, this pair will probably fall. Of course, the opposite is true as it would show the US dollar losing strength, and therefore it should help precious metals overall.