Silver Price Forecast January 30, 2018, Technical Analysis

Silver markets should offer plenty of buying opportunities below, and I think that the $17 level would be an excellent area to see some type of buying pressure, and perhaps a bounce from a large, round, psychologically significant area that has been important in the past. I think that it is only a matter of time before the buyers return, so I’m looking for the greenback to roll over in the Forex markets before I start buying, as it should coincide nicely with a rally. I think they support at the $17 level extends down to the $16.80 level, as we have seen a bit of a “zone.”

If we break down below the $16.80 level, I think that the market would probably drop down to the $16.50 level after that. Ultimately, this is a market that should continue to be very noisy, but I think that the overall attitude should remain positive as the greenback is in more of a longer-term downtrend than anything else. I think Silver will continue to benefit, as we have seen money trying to find a home outside the United States.

Another thing that has helped is that Bitcoin markets have rolled over, which had initially offered a bit of a haven from the greenback, but now are just as prone to lose money. Because of this, I believe that longer-term precious metals will continue to attract a lot of buyers.

SILVER Video 30.01.18