Silver markets were very volatile during the trading session on Friday, initially trying to rally, but then pulled back towards the $17 level underneath. A bounce from there send this market looking towards the $17.15 level. The market continues to build a little bit of a base at the $17 handle, sending the market towards the $17.50 level longer term if we can get some type of significant strength, or perhaps the US dollar rolling over. In general, recently we have been consolidating, with the $17 level offering a bit of “fair value”, of course acting as a bit of a magnet for price. However, longer-term we have seen the market drift higher over the longer term, so playing the Silver markets with leverage has been a very difficult thing to do. Plane Silver markets with physical silver is a completely different story though, as the “buy-and-hold” crowd seems to be doing well.

Ultimately, I think that we do go higher but were going to need to see the US dollar roll over, perhaps due to Congress and its inability to pass the tax bill. If and when that happens, silver should take off to the upside. I do favor the upside, but I recognize that if we were to break down below the $16.80 level, the market could break back down towards the $16.50 level. At that point, I suspect that there would be a significant amount of support jumping back into the marketplace. I think that longer-term traders continue to support this market though, as certainly the amount of debt that the United States has been accumulating over the last several years will eventually cause major issues. Gold typically influences silver markets as well, following in the same direction overall, using gold as a secondary indicator could be a way to go as well.

SILVER Video 27.11.17

This article was originally posted on FX Empire

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