Silver Price Forecast February 13, 2018, Technical Analysis

Silver markets course have been beaten up over the last couple of weeks, but after forming a supportive region near the $16.25 level, it looks as if the buyers have returned. I think that the market will eventually go looking towards the $17 level, which is an area that of course has a lot of psychological importance to it. If we can break above there, it’s likely that we continue to go towards the $17.50 level, an area that has been resistance previously. I believe that ultimately, we will break out to the upside, but the $16 level underneath should be significant support. Remember, the US dollar has a major influence on where we go next, as it is the other side of this equation.

When you trade Silver, one of the best things you can do is look towards the US Dollar Index, as it gives you an overall feeling as to where we are going next. In other words, if the US Dollar Index falls, then generally pushes silver higher by default. I think that we will continue to be very noisy of course, but that’s typical with the Silver markets.

If we were to break down below the $16 level, that could be very negative. I doubt that’s going to happen though, because we have broken through minor resistance after consolidating, generally a sign that we have been accumulating in the buyers are becoming more aggressive.

SILVER Video 13.02.18