Silver Price Forecast January 4, 2017, Technical Analysis

The Silver markets continue to be very volatile, but breaking above the $17 level was a very strong sign, and therefore I think that the market is ready to continue going higher. Perhaps we go to the $17.50 level above, which is resistance, and it could take a while to get above. A break above that level should send this market to the $18 handle, but it is going to take a certain amount of momentum building to get there. I think that adding to the market going higher, and smaller positions. I think that the larger core position being attitude can continue to add profit to a market that looks likely to reach towards the top of the overall consolidation area which extends to the previously mentioned $18 handle. A break above there should send this market free to the $20 handle longer term. In the meantime, I think that if we were to break down below the $16.90 level, the market could drop towards the $16.50 level which would be the next support level.

Silver markets will continue to be likely to go higher based upon the falling US dollar overall, and I think that precious metals will continue to do well over the next several weeks. Given enough time, I think that we break out and it becomes more of a longer-term commitment for the buyers but until then, expect choppiness and be cautious.

SILVER Video 03.01.18