Silver Price Forecast February 1, 2018, Technical Analysis

Silver markets rallied a bit during the day on Wednesday, reaching towards the $17.30 level. This is an area that caused a bit of resistance earlier in the week, but I do think that eventually we can break out to the upside. I believe that the market continues to find plenty of support at the $17 level, so I look at pullbacks as an opportunity to pick up more silver and give us an opportunity to take advantage of what I think is a longer-term uptrend. If we can break above the $17.35 level, the market should continue to go to the $17.50 level, and then eventually to the $17.75 level.

Ultimately, this is a market that I think offers value every time it dips, and I also recognize that the $17 level has support that extends down to the $16.80 handle. This is a very bullish market just waiting to happen, as the US dollar has been struggling longer-term, and although it has seen a bit of a reprieve as of late, it’s likely that we will continue the downward pressure on the greenback, driving the value of precious metals higher. For 2018, I believe that precious metals will make a roaring come back, but this will be based upon what gold does more than anything else. If gold goes up 10%, Silver being less liquid will go up 15%. In other words, pay attention to gold, if it rallies you can supercharge your gains by trading here.

SILVER Video 01.02.18