Silver Price Forecast October 4, 2017, Technical Analysis

Silver markets rose slightly during the Tuesday session, reaching towards the $16.65 level. I think there is a significant amount of resistance just above for short-term traders, but if we can break above the $16.75 percent level, then we will probably go looking towards the $17 level. Alternately, if we break down below the $16.57 level, the market should then go to the $16 handle. Silver continues to be very volatile, as which of course is the usual attitude of the markets, so I’m not surprise. I suggest that perhaps trading silver in smaller increments is the best way to go, as there is so much in the way of noise.

Keep in mind that Silver does have a certain amount of a safety bid to it, so if things get ugly geopolitically, Silver tends to rally. It also tends to play second fiddle to the gold market, so if gold rallies, silver does as well and of course vice versa. I believe that the market is probably best played with options or at least CFD trades. I do like physical silver for the longer-term buy-and-hold crowd, which of course I have been at times. I think that eventually we continue to reach towards the $20 level, but it might take a year or 2 to get there. Because of that, it’s difficult to be over levered. If we were to break down below the $16 level, I think the market probably goes down to the $15 level after that. Ultimately, this is a market that continues to see a lot of choppiness, taking its cues from the larger gold markets and geopolitical concerns overall. The US dollar falling does help silver, so if it starts to do so, we could see bullish pressure over here as well.

SILVER Video 04.10.17