Silver Forecast April 29, 2016, Technical Analysis

Silver markets initially fell during the day on Thursday, but turn right back around to form a rather positive looking candle. We tested the $17.40 level, which of course offered resistance. However, it looks as if we will continue to go higher, and perhaps break out given enough momentum in time. There is more than enough support just below, especially near the $16.80 level. Ultimately, the market should continue much higher. Silver of course will be greatly influenced by what happens with the US dollar, but at this point in time it appears that the Forex markets will continue to be very choppy so this may be a bit of a drag on the uptrend in silver itself.