Silver Price Forecast November 6, 2017, Technical Analysis

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Silver markets went sideways initially during the day on Friday, but after the US dollar started to rally late in the day, Silver sliced through the $17 level underneath, falling to the $16.80 level. This is a market that continues to be very noisy, but I think eventually we will continue to ride back and … Continue reading Silver Price Forecast November 6, 2017, Technical Analysis · FX Empire

Christopher Lewis

Updated Fri, Nov 3, 2017, 11:12 PM

Silver markets went sideways initially during the day on Friday, but after the US dollar started to rally late in the day, Silver sliced through the $17 level underneath, falling to the $16.80 level. This is a market that continues to be very noisy, but I think eventually we will continue to ride back and forth to the mean, which currently seems to be the $17 level. I like the idea of buying and selling when we get a little bit too far from that level, but ultimately it looks as if the longer-term charts are trying to form some type of basing pattern, perhaps reaching to the upside, and rallying towards the $20 level, but that’s obviously a very long-term target. In the meantime, I believe that the $18 level above is the initial target, and it is obviously resistive.

The markets continue to be extraordinarily volatile, and the market should continue to look as if it is going to be a short-term traders market more than anything else. If you all are a longer-term trader, you may want to buy physical silver, as it should rally quite significantly over the longer term. Beyond that, it’s difficult to put a lot of leverage into the market, as the Silver markets are extraordinarily volatile. That can cause significant losses quickly, and ultimately, I think it is the most difficult thing to do and so are currently, trade the futures market. The CFD market should be one that you should take advantage of, because you can keep your trading positions very small for short-term back and forth type of range bound trading. I like the $17 level as “fair value” in the market currently. If we were to break down below the $16.50 level, the market then should find even more support near the $16 handle.