Silver Forecast (2015.02.12)
Silver markets tried to break out to the upside during the session on Wednesday, but as you can see pullback from the $17 handle. Because of that, it looks like the market is going to continue to struggle in this general vicinity, but we also have quite a bit of support at the $16.50 level.
Ultimately, the market looks as if it’s essentially stuck but we do think that the support below is probably strong enough to keep this market afloat. With that being the case, we think that longer-term traders are getting involved but shorter-term traders are probably to step been to the sidelines.