Silver Price Forecast February 2, 2018, Technical Analysis

Silver markets have sold off significantly during the trading session on Thursday, but there is plenty of support underneath, especially near the $17 level. The level has offered a lot of volume and interest, and I think that today’s job number will have a massive influence on where the US dollar goes, and of course I suspect that it will have a massive influence on where Silver goes. I believe that the jobs number will cause a massive amount of volatility, but at the end of the day I would anticipate that the market will probably try to go higher over the longer term. I think that eventually we will go looking towards the $18 level, but I also recognize that the other side of the trade is reaching down to the $16.80 level. If we break down below that level, then the market could fall apart but at this point it looks to me as if precious metals are starting to pick up a lot of interest. I believe that longer-term traders are starting to go higher, but Silver course is very volatile.

Ultimately, if we break down below the $16.80 level, then I think that we probably go down towards the $16 level next. Ultimately though, I think that the US dollar is going to continue to fall, mainly because there will be less interest rate hikes than originally anticipated. This is a longer-term trade, so keep your leverage low.

SILVER Video 02.02.18