Silver Price Forecast – Silver Continues to Drift Lower

NEW YORK (Oct 11) Silver markets have drifted a bit lower during the trading session again during the day on Tuesday as we continue to see the US dollar strengthened overall. Remember, silver is highly sensitive to the US dollar and interest rates on the whole, so I do think that we’ve got a situation where you have to look at this through the prism of whether or not the US Dollar Index is rising, or if it is appalling. Furthermore, you need to pay close attention to interest rates, because they have a major influence on where we are going as well.

Underneath, the $19.00 level could be an area of support and a potential short-term target. If we were to break down below there, then I think it opens up the possibility of a move down to the $18.00 level. Rallies at this point I think continue to get faded, with the $20.00 level offering a certain amount of resistance. If we were to break above that level, then it’s possible that we could see a recovery to the 200-Day EMA, but I don’t think that’s very likely at this point in time.

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