Silver Price Forecast January 24, 2018, Technical Analysis

Silver markets were reasonably quiet during the trading session on Tuesday, but then broke down as the Americans jumped on board. We are now below the $17 level handily, but I think there is support at the $16.75 level, and then at the $16.50 level as well. I think that the market should eventually find plenty of buyers underneath but waiting for stabilization is probably the best way to go. Otherwise, if you are a bit more willing to take risk, you could jump in now and add as the market turns in your favor. However, that is relying on the market to stabilize ahead of its reason to, beyond the idea that we will simply continue to go sideways overall.

If we break above the $17 level, the market should then go looking towards the next resistance barrier, the $17.50 level. The market breaking down from here is somewhat likely, just as this pair tends to be very volatile. Short-term traders will probably do quite well in range bound systems once we slowdown. Otherwise, if we decide to take a longer-term approach, you can buy physical silver, or perhaps use the CFD market. I find it a bit difficult to trade the futures market, when you have that type of volatility. Even though the market looks likely to show a bit of negativity in the short term, I believe that it’s only a matter of time before the buyers return as we have seen several times in the past. Nothing has structurally changed, so therefore I would anticipate more of the same as we have seen for the last couple of years.

SILVER Video 24.01.18