Silver Price Forecast January 31, 2018, Technical Analysis

Silver markets continue to be volatile, but also continue to pay attention to the $17 level as support. Silver finds large, round, psychologically significant numbers as important, and when you look at the hourly chart, you can plainly see that the $17 level has attracted a lot of attention. I believe that the market will eventually find reason enough to go higher, and perhaps reach towards the $17.50 level again. I also recognize that there is a certain amount of support below the $17 level, extending to the $16.80 handle. If we can stay above that level, I believe that this retains a bit of a “buy on the dips” mentality.

Volume is a much to write home about, but the volume is within normal ranges. Because of this, I think we are simply in a bit of an accumulation phase, as we should continue the longer-term uptrend. I recognize that the market will continue to be bullish longer-term, as the US dollar seems to be struggling longer term. This of course has a beneficial effect on the precious metals markets overall, and Silver will be no different. Silver tends to be a bit more volatile though, so keep that in mind as you put money to work. If we break down below the $16.80 level, then I think the market is ready to go down to the $16.50 level, but that seems to be very unlikely. Longer-term, I fully anticipate that Silver markets will go looking towards $20.

SILVER Video 31.01.18