Silver Price Forecast December 5, 2017, Technical Analysis

The Silver markets gapped lower initially during the trading session on Monday, but then shot higher to fill that gap, only to roll over again. Because of this, I think we will continue to see sellers jumping into the market on short-term rallies that show signs of exhaustion. The $16.25 level offered support, but I think it’s minor support at best. Eventually we will go looking towards the more important $16.00 level below, which is supportive on longer-term charts. Keep in mind that the US dollar rallied during the day due to the idea of US tax reform, and that of course has a negativity when it comes to precious metals overall. I think that the $16.50 level above will continue to offer resistance, but if we were to break above there, then the market could go to the $17.00 level after that. Currently, I believe that the market will continue to be very choppy, so therefore I’m not looking for longer-term moves anyway.

Short-term opportunities exist, but for longer-term traders only thing you can do is Silver is buy it and hold on to the physical coins or bars themselves. The markets continue to be very tight, and therefore it’s difficult to imagine that it will be easy to trade Silver. Because of this, I preferred the CFD market, or of course the physical coins. In the meantime, the markets continue to chop around in a consolidated area, and therefore I believe that Silver makes for a longer-term situation and therefore very likely to be something that you find in retirement accounts more than anything else.

SILVER Video 05.12.17