Silver Price Forecast January 16, 2018, Technical Analysis
Silver markets were noisy during the opening hours of Monday, but then settled near the $17.30 level. Ultimately, silver looks bullish, as we should continue to see buyers going forward, giving us an opportunity to buy dips based upon value. The anti-US dollar sentiment should continue to be an issue where we see precious metals rally, as well as other currencies around the world. I believe that the market should continue to see dips as opportunities, and I believe that longer-term traders are starting to get involved in the Silver markets as well. I don’t like trading highly leveraged positions though, because Silver tends to be very noisy.
The market should continue to be one that you can trade from a longer-term standpoint, perhaps trading physical silver or at least options. The CFD markets are also a possibility as well, because I don’t want you jumping into this market with both feet. Futures markets can be extraordinarily dangerous, as a sudden move against you can cost thousands. Longer-term, I believe that the $18.50 level is the top of a massive consolidation area and that should end up being the target for longer-term traders. If we break down below the $17 level, more specifically the $16.90 level, then I would be a seller as it would be an extraordinarily negative sign. However, that would have to be incongruence with the US dollar strengthening, which seems very unlikely to happen anytime soon. This will be a noisy market, but I still favor the up side.
SILVER Video 16.01.18
This article was originally posted on FX Empire