Silver Price Forecast October 30, 2017, Technical Analysis

The Silver markets fell during the day initially on Friday, reaching down towards the $16.50 level underneath. That is a level that is very supportive, and a bounce from there isn’t a huge surprise. After all, a lot of traders would not want to be short of the market going into the weekend, so the bounce is probably a bit more pronounced that it would typically be. If we find resistance above, I’m more than willing to step into this market and sell. I recognize that the $17 level above would be resistive as well, and I think if the US dollar continues to strengthen, selling is probably the only thing you will be able to do. There is a lot of noise in this market, and it’s not that you can’t buy silver, but I think that the $16.80 level is minor resistance as well. By being patient, you should get a cell signal rather soon, and of course paying attention to the US Dollar Index might be the way to build more confidence in a selling position.

I believe that the $16.50 level underneath should be support, but if we break down below there then we will probably try to drift to the $16 level. Silver markets are notoriously volatile anyway, but current geopolitical concerns and the US dollar going into high gear has this market especially volatile. Use CFD markets or options if possible, because quite frankly the futures market will be very difficult and dangerous if you do not have the proper account size. Ultimately, this market favors the downside, but you do not want to hang on to the trade for too long. The market breaking above the $17 level would be bullish, perhaps sending the market towards the $17.25 level next.

SILVER Video 30.10.17