Silver Price Forecast March 29, 2018, Technical Analysis

Silver markets broke down significantly during the trading session on Wednesday, reaching down to the $16.05 handle. There is support underneath as well, extending down to the $16 level so I think it’s only a matter of time before the buyers get involved. If we get some type of bounce from here, the market could go even higher. Ultimately, the market should then continue to be bullish overall, but I think it’s going to take a while to get that bullish pressure into the market, but I suspect that it is going to be a very noisy market indeed. That’s normal for silver though, so I think that the short-term pullbacks offer nice buying opportunities to pick up value from.

Ultimately, that value should give us an opportunity to take advantage of what has been a reasonably range bound market, with the $16 level be in the beginning of a massive floor in the market. I believe that the $17 level above is resistance, so break above there would in fact be a very strong sign. Nonetheless, with this type of short-term pullback, I believe that gives us an opportunity to go long of silver yet again, as we have seen so much in the way of buying pressure every time we pull back. I don’t think that we are ready to break out to the upside though, so I have been buying silver and little bits and pieces and suspect that’s probably going to be the best way to go. Expect volatility, but I certainly expect more of the same that we have seen lately.

SILVER Video 29.03.18