Silver Price Forecast January 26, 2018, Technical Analysis

Silver markets went back and forth during the trading session on Thursday, as we continue to hover around the $17.50 level. The market is very likely to use this is an opportunity to try to build up momentum, as we will more than likely go higher over the longer term. The US dollar continues to fall, and that is typically good for precious metals such as silver. I believe that the $17.40 level underneath should be rather supportive, and if we break down below there, it’s very likely that we could go down to the $17 level again.

Either way, I don’t have any interest in shorting this market, unless of course the US dollar suddenly changes its overall attitude, and I think at that point it’s likely to be difficult to achieve. I believe that the US dollar continues to fall overall, and that of course puts a bit of a firm bottom in this market. I think that the $18.50 level, which is the top of the overall consolidation area from the last year, will be targeted and it’s only a matter of time before we break above there and continue to go towards the $20 handle, my longer-term target. That’s not to say that it will be easy, but I do think that longer-term we are going to see buyers take over this market as volume is picking up right along with price.

SILVER Video 26.01.18