Silver Forecast Today 15/05: Price Pulls Back (Video&Chart)

(MENAFN- Daily Forex)

The silver market continues to react to the higher than usual interest rates in the United States, and of course, the massive supply imbalance globally. Silver remains volatile, so make sure your position size is appropriate.

The silver market tried to rally after gapping lower on Thursday but then fell apart as the $90 level continues to be a massive barrier for traders to deal with. It's an area that previously has been more than obvious for traders and if we can turn around and break above there, it's possible that traders will continue to see this market jump towards the $95 level.

On a breakdown from here, the $80 level does in fact attract a lot of attention and could be an area that I think a lot of traders would be looking for buyers to come back into the picture. Ultimately, I do think that the interest rates dropping will eventually help silver, but silver was so overdone to begin with that a pullback makes quite a bit of sense fundamentals and market strategy

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With that, I think we are going to head towards the mean, somewhere closer to $80. It's not a market that I'm looking to short. It's just a market that I think is going to remain a little hesitant to go straight up in the air.

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The longer-term fundamentals, of course, help silver as there is a massive amount of demand out there, nowhere near enough supply. But we also have these higher interest rates and a lot of traders who would be in this for nominal appreciation understand that it's probably easier working with a yielding instrument such as the 10-year note. That being said, I'm looking to buy the dip. I'm hoping to do it closer to $80.

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