Silver Price Forecast May 30, 2017, Technical Analysis

Silver daily chart, May 30, 2017
Silver daily chart, May 30, 2017

Silver markets initially dipped on Monday, but found enough support at the 24 hours moving average to continue the grind higher. Later in the day, the Silver markets broke out a bit and it now looks as if we are going to go looking for the $17.50 handle. Ultimately, I believe that the market will probably continue to go even higher than that, and that pullbacks continue to be buying opportunities going forward. I do not have any interest in selling silver, mainly because of the overall bullish attitude of precious metals in general. The $18 level above will continue to be a nice target and of course a large, round, psychologically significant number. I believe that there is a certain amount of resistance there, so I do not expect the silver market to be able to break above it at the first attempt. However, it would not surprise me at all if it did over the longer term. In the meantime, expect quite a bit of volatility.

Buying on the dips

I believe that buying on the dips will probably continue to be the best way to play this market, and off of the short-term charts. Silver markets tend to be very volatile, and that does cause quite a bit of nausea for some traders. However, if you have the ability to focus on short-term charts, you can see that there is a certain amount of stability in the uptrend. I believe that the $17.25 level should be a very supportive level on the short-term charts, and most certainly the $17 level should be supportive on longer-term charts, as it has been more than once. Ultimately, buying is the only thing you can do but you will have to remember how choppy this can be.

SILVER Video 30.5.17

Don't miss a thing!
Discover what's moving the markets sign up for a daily update delivered to your inbox

More Forecasts

See All
board

Stronger than Expected Eurozone Industrial Production Fails to Buoy European Equities

Euro Dollar

Market Snapshot – Markets Await the Central Banks

AUD/USD and NZD/USD

AUD/USD and NZD/USD Fundamental Daily Forecast – RBA Chief Says “Speculative Mania” Surrounding Cryptocurrencies

Expand Your Knowledge

See All
7 Reasons Why Your Health Insurance Premiums Are Rising Faster Than Your Salary

7 Reasons Why Your Health Insurance Premiums Are Rising Faster Than Your Salary

How Blockchain will change our Life, Economy and the World

How Blockchain will change our Life, Economy and the World

Watch Out: What Do Elon Musk and Bill Gates Know about Artificial Intelligence

Watch Out: What Do Elon Musk and Bill Gates Know about Artificial Intelligence

Favorites

SymbolLast PriceChange
EURUSD
EUR/USD
1.1827
+0.0086
+0.73%
GBPUSD
GBP/USD
1.3410
+0.0093
+0.7%
XAUUSD
Gold
1255.5
+12.415
+1%
CL
Crude Oil
56.685
-0.7350
-1.28%
SPX
S&P 500
2669.2
+4.5000
+0.17%
DAX
DAX 30
13074.0
-98.000
-0.74%
Live Quotes

Top Promotions

Top Brokers

Don't miss a thing!

Discover what's moving the markets sign up for a daily update delivered to your inbox