Silver Price Forecast August 10, 2017, Technical Analysis

The silver market exploded to the upside on Wednesday, as we broke above the $16.50 level. This was due to rhetoric coming out of both Pyongyang and Washington DC, as there seems to be a significant amount of tension on the Korean peninsula. Cooler heads will prevail though, because a nuclear war suddenly popping up would be a bit of a surprise to say the least. Because of this, I think that the impulsivity of this move is probably short-lived. I believe in selling signs of exhaustion when they appear, but obviously we don’t have it quite yet. The $17 level above could cause that, so I believe that signs of rolling over near that level would be a

opportunity to go short.

The alternate scenario

However, if we break above the $17 level with some type of vigor, I think at that point the silver market should continue to reach towards the $17.50 level. The market should continue to see volatility regardless, because quite frankly this is about fear, and not necessarily investing. The $16.50 level underneath should be supportive, but once we break down below there I think it opens the floodgates to reach towards the $16.15 level. Silver is a bit thin at times, so I think that the moves could be sudden and violent, just as we have seen over the last 24 hours.

SILVER Video 10.8.17