Silver Price Forecast July 31, 2017, Technical Analysis

Silver markets initially dipped during the day on Friday, testing the $16.50 level for support. We did find it there, and then we bounced significantly to reach towards the $16.75 level during the Friday session. A given enough time, I think that the market does continue to go higher, and therefore I think that the buyers will continue to push the Silver markets higher as the Federal Reserve has become very dovish. Ultimately, I think that the market goes much higher, so I continue to think that dips offer value in a market that should continue to benefit from a very surprisingly dovish statement coming out of the Federal Reserve this past week.

Buying dips

I continue to buy dips in this market, I believe that we continue to have plenty of bullish pressure underneath it should contain any pullbacks going forward. Given enough time, I believe that the Silver markets will go looking for the $17 level, and then eventually the $20 level over the next several months. I have no interest in shorting, least not until we break below the $16 level which look very unlikely to happen anytime soon. Because of this, I am very bullish, but I also recognize that there will be a lot of noise going back and forth. The market should continue to be volatile, but I believe that with the Federal Reserve taking a dovish stance has suddenly put a turbocharging this market.

SILVER Video 31.7.17