Silver Price Forecast August 1, 2017, Technical Analysis

Silver markets initially dipped on Monday, but found enough support near the $16.65 level to turn around and bounce towards the $16.80 above. However, I think that the $17 level above is the real target, and therefore as we dip there will probably be buying opportunities for those who are patient enough to wait for them. I believe that a break above the $17 level should send this market towards the $17.50 level. This is a market that continues to see volatility, but I think given enough time the upside should continue to win out. After all, the US dollar has been a bit soft, and there are a lot of geopolitical concerns around the world that could put money into precious metals anyway.

Looking at the floor

I believe that the floor is somewhere near the $16.50 level, so if we can stay above there, I am a “buy on the dips” type of trader and I believe that the market agrees with me overall. After all, the market should continue to see plenty of interest in owning summer, and when the markets pulled back it should be thought of as value. The US dollar continues to struggle in general, and that works in favor of silver and gold as they are both priced and that currency, generally speaking. There’s also an industrial demand for silver that you should pay attention to as well, so Silver tends to get it from both sides, and therefore tends to be quite a bit more volatile and explosive when we do get moves. I have no interest in shorting unless we get below the $16.50 level, and even then, would have to rethink the entire situation. Right now, I don’t think we break down below there, so I remain bullish.

SILVER Video 01.8.17