Silver Price Forecast July 18, 2017, Technical Analysis

Silver markets went sideways on Monday initially, but found buying pressure later in the day. We used the $16 level as support, which of course it has been in the past. The question now is whether we can continue to go higher, and it looks likely that we will try. The $16.50 level would be the next target, as a break above the $16.20 level signifies building momentum. As the US dollar has been beaten up, I suspect that we will continue to see bullish pressure in the precious metals markets overall. Silver of course gets a bit erratic as it is the least liquid of the major metals, but it still follows the same technicals.

Buying dips

I believe in buying dips, I believe the offer support and value. I think that the Silver markets are trying to make a major bottom near the $15 level, and this bounce could be the beginning of a complete turnaround. If the US dollar continues to get pummeled on the longer-term charts, you can all but guarantee that this market will find buyers. A break above the $16.50 level has this market looking for the $17 level next, which has been important in the past. I think Silver will get a boost by a shrinking US dollar, as the Federal Reserve doesn’t look as hawkish as it once was. Because of this, I think that gold and silver both will find buyers, and do not forget that the 2 tend to move in tandem, so if gold rallies, this market should as well.

SILVER Video 18.7.17