Silver Price Forecast July 25, 2017, Technical Analysis

Silver markets continue to bounce around the $16.50 level during the day on Monday, as traders came back from the weekend. The market still looks very bullish, and the 24-hour exponential moving average continues to offer dynamic support. Ultimately, the market should continue to grind its way to the upside as the US dollar is most certainly on its back foot. Because of this, the market could find itself reaching towards the $17 level next, as it is the next large, round, psychologically significant number. Because of this, it’s likely that pullbacks offer value the traders will be willing to take advantage of, and with that being the case it’s likely that the market will continue to be bullish, although it could be choppy.

Buying dips

Simply buying dips is probably the best way to go, as the market continues to offer support on shallow pullbacks. Ultimately, I believe that the market can break above the $17 level, but it may take some time to break above that important level. Breaking above the $17 level should open the door to the $17.50 level, and with that being the case it’s likely that even then, buyers will get involved as although it is a resistive barrier, the reality is that it is a minor one when it comes to the longer-term charts. I still believe that Silver is going to enjoy strength over the longer term, so even at that level I think there will be a lot of interest in buying on the break out. Longer-term, we could be looking at a moved to the $18 level in silver, especially if gold continues to look as healthy as it has as of late. I have no interest in selling silver and the short-term, and it would take a significant turnaround in the attitude of the US dollar for me to do so.

SILVER Video 25.7.17