Silver Price Forecast August 15, 2017, Technical Analysis

Silver markets continue to bounce around just above the $17 level, as we consolidate some of the gains from last week. It looks like the market is trying to form a bit of a base here, so we could bounce even further. Much of the gains were due to geopolitical concerns which seem to be calmed down, and if that’s the case we may find this market a bit flat. If we break down below the $16.80 level, the market should then go down to the $16.50 level. Alternately, I think if we can break above the $17.20 level, the market should then go towards the $17.50 level above. Ultimately, I think that the market probably gets a bit of a bid over the longer term, and that being the case I think that we are trying to build up a base here.

If we break down…

If we do break down, I think the market probably goes looking for the $16.50 level where we would see a significant amount of support. A breakdown below there would be very negative for this market, and send it much lower. Some of the geopolitical concerns have stepped away from the market, and that may be a bit of a laggard in this commodity. I think we are probably best served by trading in one direction or the other after the break out or breakdown. Until then, short-term back and forth scalping may be possible, but for myself I would prefer the market tell me which direction once to go next before simply following and profiting from either a continuation of the rally, or perhaps a return to the consolidation from previous ranges. Either way, I think Silver will be explosive once we get the move.

SILVER Video 15.8.17