Silver Price Forecast – Silver markets a bit softer on Friday

Silver markets fell a bit during the day on Friday, reaching down towards the $15.75 level, but did find a bit of support underneath. We are approaching significant demand levels on longer-term charts, so I think it’s only a matter time before the buyers show back up and take advantage of cheap silver. · FX Empire

Christopher Lewis

Updated Fri, Jul 13, 2018, 10:04 PM

Silver markets initially fell during the day, reaching down towards the $15.75 level where we found a bit of support. This is an area that has attracted a bit of demand in the past, and I think it’s only a matter time before the longer-term buyers get involved again. However, I would also point out the buying silver at this point is probably easier to do as an investment than a trade, meaning that you should be able to write out a lot of the volatility that will almost certainly come along this market.

If we were to turn on a break down below the $15.50 level, that would be catastrophic for silver, but I don’t see it happening, at least not in the short term. The $15 level of course is psychologically important as well, so this point I think that we are starting to see a lot of institutional demand in that region. The $16.15 level above has been resistive, and I think we will continue to struggle to get above there. In the short term, I like buying dips and building up a larger physical position, but that is a matter of risk tolerance more than anything else. I still believe that ultimately the buyers do pick this market up, but I also recognize that we have a lot of work to do and there could be the occasional pullback. You can keep a lot of leverage out of the equation, silver is a screaming buy.