Silver Price Forecast June 29, 2017, Technical Analysis

The Silver markets had a slow session on Wednesday, as we continue to grind slightly higher. We are currently hugging the 24-hour exponential moving average, and the market should then reach towards the $17 level over the longer term. It’s probably a to take a couple of days to get there, but it does look like we are starting to see the market form a little bit of an uptrend and of course the of trending channel. I think that the market is going to run into a certain amount of trouble at the $17 level. That level breaking to the upside of course would be very bullish, and should send this market much higher. I don’t think that the market will be a way to get above there right away, so it will probably take a significant amount of work to get above there. With the massive amounts of geopolitical concerns around the world, it makes sense that perhaps Silver will eventually find a stronger bid, but currently there are a lot of moving pieces.

Buying dips

I continue to buy dips on short-term charts, because quite frankly Silver is something that I think is going to go higher over the longer term as there are a lot of central bank intervention just waiting to happen around the world. Traders are starting to think that perhaps the Federal Reserve won’t be able to raise interest rates if they have been saying, and if that’s the case that should put strength in the precious metals market as well. Either way, technically we look very solid in this general vicinity, and I think that this is a market that continues to find quite a bit of volatility, but it certainly looks as if the buyers are starting to flex their muscles.

SILVER Video 29.6.17