Silver Price Forecast November 1, 2017, Technical Analysis

Silver markets went sideways initially during the day on Tuesday, breaking down below the $16.80 level. We have fallen significantly, down to the $16.60 level underneath. There is a certain amount of support in that region, so a bounce is likely. The $17 level above will be resistance, and I think Silver is still going to be at the mercy of the US dollar, and that is going to continue to make this a very difficult market to be involved in. If we broke above the $17 level, the market should then go to the $17.25 level. The market breaking above there should then send the silver futures price to the $17.50 level after that. Alternately, if we break down below the $16.50 level, the market then would go down to the $16 level.

Keep in mind that Silver is not only influenced by the US dollar, but it is also influenced by risk appetite. If the headlines get some type of geopolitical situation cross, the market will start buying silver. Precious metals in general tend to do well when people were concerned, as was most recently seen with missile launches coming out of North Korea. If something like that happens again, it’s likely that the Silver markets will continue to show bullish pressure at that point. Overall, I think that the markets will continue to be noisy regardless, but the US dollar continues to strengthen due to interest rate high expectations. If that continues to be the case, silver market should continue to be soft. There could be sudden changes in attitude, and that’s exactly what makes Silver such a difficult market to deal with the times. Use small position sizing if you feel like you need to be involved in this market, unless of course you are buying physical silver.

SILVER Video 01.11.17