Silver Price Forecast August 3, 2017, Technical Analysis

The Silver markets went sideways during the day on Wednesday, but were extraordinarily volatile. We reached down to the $16.50 level underneath, but found enough buying pressure to turn things around and show resiliency during the American trading session. The market looks bullish overall, and I believe that these dips will continue to offer buying opportunities in a market that works against the value of the US dollar, which of course has seen a significant decline.

I continue to buy dips.

I continue to buy dips in this market, and believe that the $16.50 level underneath should be a pretty significant support level. Even if we break down below there, I think there’s even more support near the $16.00 level underneath. Given enough time, I believe that we will reach towards the $17 level again, and then eventually the $17.50 level. Volatility remains high, but if you’re resilient enough or have the option to trade binaries, that might be a way to take advantage of what I believe is a significant amount of underlying bullish pressure. It might be difficult to deal with, so another often used option would be to buy an ETF, such as the SLV in the United States which takes advantage of not only silver prices on the spot market, but futures contracts and Silver minors. In general, I am bullish of silver, but I don’t think that it’s going to be the easiest trade to take.

SILVER Video 03.8.17