Silver Price Forecast August 4, 2017, Technical Analysis

The Silver markets initially fell during the session on Thursday but found enough support near the $16.40 level to turn around and break higher. The market looks bullish, least in the short term but as we go into Friday, we then begin to figure in the economic data coming from the employment market in the United States, and that will have a direct effect on the US dollar. Because of this, it’s likely that the markets will continue to see volatility, and Silver will certainly react strongly to what the US dollar does. Because of this, I think that the markets will see a significant move during the day. I still favor the upside in general, mainly because traders are starting to bet that the Federal Reserve will not be able to raise interest rates, but if we get a very strong jobs number coming out of America, that could send this market much lower. That would be the one thing that would concern me about the uptrend.

Waiting for the daily close.

I believe that the best way to trade the Silver markets today is the way for the daily close. I will be on the sidelines during the day observing, as Silver tends to be very volatile to say the least. I do think that we will probably go higher over the next several weeks, but today could be a bit of an anomaly as the Nonfarm Payrolls announcement causes so much volatility in the markets.

SILVER Video 04.8.17