Silver Price Forecast December 11, 2017, Technical AnalysisSilver markets continue to be relatively benign on Friday, as the jobs number came in just slightly above where expected. There has been a downward slope lately, however Friday saw a little bit of support.
Silver markets continue to be negative, although Friday was slightly positive. The $16 level above is a significant amount of importance on the chart, and I think that any short-term rally to that area will probably run into a bit of resistance. However, when you look at the longer-term charts, mainly the weekly chart, you can see that the bodies of the weekly candles are starting to find support in this general vicinity, although we have gone lower. A break above the $16.15 level could be a buying opportunity for the short term, and perhaps even show a market that’s ready to turn around in general. If we were to break down below the $15.50 level, the market could then go to the $15 handle which I believe is massively supportive, and essentially the “floor” in the market unless the US dollar explodes to the upside.
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In general, I think we are looking at a market that’s trying to find a bottom and a base in this general vicinity, but there is so much in the way of noise that I think it’s going to take several attempts, and therefore we may be in a for relatively quiet region in this market place, as the best way to play this market is probably buying physical silver, if you can get a decent price. Dealers do tend to markup the spread at this point, because there simply isn’t much in the way of money to be made on therein. In general, I believe that the market should continue to be bullish longer-term, but right now it seems like we are simply biding our time, drifted lower in a slow manner.