Silver Price Forecast February 21, 2018, Technical Analysis

Silver markets went sideways initially during the day on Tuesday, but then dipped to reach down towards the $16.45 level, before bouncing a bit towards the $16.60 level. I think that the market has a bit of resistance above at the $16.70 level, so we need to break above there before the market continues to go higher, perhaps reaching towards $17.00 level after that. I think that the market will continue to be very noisy, but right now looks as if we are trying to build a bit of a base underneath. This dictates that we will probably have a pullback that allows buyers to pick up a bit of value.

I believe that the market has plenty of support underneath, and I do think that it holds. I think somewhere near the $16.20 level; the support gets serious. Longer-term, I believe in buying and holding silver, but I would do so with the physical metals, not necessarily get involved in futures. I could get involved in CFD markets, as it allows you to lever down. I do not like the idea of have the leverage in the Silver markets, because they can be so erratic. I believe that the $17 level above will cause a bit of resistance, but I think if we can break above there and continue to go higher. Overall, I do not have any interest in shorting the Silver markets, as I believe we have been basing for quite some time.

SILVER Video 21.02.18