Silver Price Forecast June 7, 2017, Technical Analysis

Silver markets rallied during the day on Tuesday, using the $17.50 level as a support level. Because of this, we look very bullish and I believe that we are going to go looking for the next logical level above, which would be the $18 level. Silver has done quite well as of late, and I don’t see that changing anytime soon. Given enough time, I think we also break above the $18 level and go looking towards the $20 handle. Precious metals in general have done relatively well recently, and that could be the longer-term outlook for both gold and silver as political uncertainty continues. With that being the case, I like buying dips in this market, and believe that owning physical silver is also a very important thing for longer-term traders as it is a way to take the danger of leverage out of the equation.

Choppiness, but bullish pressure

I believe that Silver will retain its choppiness, because quite frankly that is the norm when it comes to this market. I believe that every time we dip, there will be value hunters underneath willing to take advantage of it, and with that in mind I don’t have any interest in selling. Given enough time, the market should then go looking towards the $20 level I mentioned previously, but I also recognize that it’s knocking to be a straight shot. Quite frankly, Silver markets a very nauseating at times, because they can be so volatile and of course are not as liquid as the gold markets.

I believe that the $17.50 level underneath will continue to offer a bit of a floor, and therefore if we stay above there I believe that the only thing you can do is by the silver markets.