Silver Price Forecast March 9, 2018, Technical Analysis

Silver markets drifted a bit lower during the trading session on Thursday, reaching down towards the $16.45 level, before rolling back to the upside. It looks as if the market will face a bit of resistance at the $16.55 level, and if we can break above there and think the market goes much higher, perhaps reaching towards the $16.75 level after that. Silver will continue to be very difficult to trade from a longer-term perspective, unless of course you are buying some type of physical or low levered account. There will be a lot of noise in this market, that is typical of this marketplace, but you can see that there seems to be a bit of a rounded bottom forming, and I think eventually we will find buyers in this market taken advantage of what I think is a significant underlying amount of pressure.

In fact, I don’t have any interest in shorting silver, at least not in this general vicinity so it’s either a “buy or sit on the sidelines” situation from what I see. If we can break above the $17 level, the market is then free to go towards the $17.25 level next, which is a major barrier and its own right. Expect choppy trading, but for myself I have been buying physical silver for a longer-term move over the next several years, perhaps reaching towards the $50 level.

SILVER Video 09.03.18