Silver Price forecast for the week of November 6, 2017, Technical Analysis

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The Silver markets tried to rally during the week, breaking will above the $17 level at one point. However, we turned around to roll over and form a shooting star, which is a bit of a negative sign. However, the $16.50 level underneath should offer support. I think it’s almost impossible to trade this market … Continue reading Silver Price forecast for the week of November 6, 2017, Technical Analysis · FX Empire

Christopher Lewis

Updated Fri, Nov 3, 2017, 11:23 PM

The Silver markets tried to rally during the week, breaking will above the $17 level at one point. However, we turned around to roll over and form a shooting star, which is a bit of a negative sign. However, the $16.50 level underneath should offer support. I think it’s almost impossible to trade this market from the longer-term standpoint as we continue to chop around in general, and I think that the market isn’t one that people who are playing the long game can be involved in. I believe that short-term charts continue to be the best way to play this market, as the US dollar is such a massive influence. I think that the $17 level is essentially “fair value”, but I think it’s likely to be a market that had best you are looking at an opportunity to buy and hold physical silver.

Ultimately, the market continues to chop around enough to keep the market guessing. I think that short-term traders will continue to push things back and forth, and I think that the $16 level underneath should be the massive floor in the market, extending down to the $15 level. If we were to break above the $18 level, then it is more of a “buy-and-hold” scenario, but right now I think we are without direction, and that will continue to keep long-term traders on the sidelines when it comes to precious metals, unless of course you are looking to buy physical silver and hold onto it in a retirement account. Beyond that, it’s difficult to imagine being able to sit through the type of volatility that we see. Closer to the $16 level, I think you can start to pick up a little bit of silver and perhaps wait for a couple of bucks per ounce, but beyond that I don’t have much in the way of longer-term trades.