Silver Price Forecast March 8, 2018, Technical Analysis

The Silver markets pulled back during trading on Wednesday, as there was a bit of a “risk off” feel to the markets, but at the end of the day, it looks as if the buyers are ready to come back into the marketplace, showing signs of resiliency. After the impulsive move on Tuesday, this pullback will probably bring in a lot of value hunters, and send this market looking towards the $17 level above. A break above that level should then send this market much higher, perhaps to the $17.25 level, and then the $17.50 level.

If we break down below the $16 level, there is a massive amount of support down to the $15.50 level as well. Although I recognize that the market could go lower, I believe that buying is the only thing you can do when it comes to silver, because it certainly has a lot of momentum underneath it during the last several sessions. Also, I believe that paying attention to the US Dollar Index is crucial, because if it falls that will often put a lot of momentum into this market as well. I believe volatility will continue to be an issue, but over the longer term I think that buying with a low leverage position or even physical silver will pay quite nicely if you are willing to be patient enough to take advantage of that. Short-term scalpers will continue to buy the dips, but they also will face a lot of choppiness.

SILVER Video 08.03.18