Silver Price Forecast – Silver markets choppy to open the week
Silver markets went back and forth during the trading session on Monday, reaching towards the $16.50 level above, and then pulling back to the $16.30 level. I think that the market continues to go sideways in general, and I think that it is only a matter time before we break above the $16.60 level and continue to go towards the $17 level. However, if we were to break down below the $16.20 level underneath, the market could go down to the $16.00 level next.
Expect a lot of noise, but that’s typical. I think that the market has a couple of different outlooks here. I believe that longer-term will continue to favor more of a “buy-and-hold” mentality. Because of this, if you are a longer-term trader, and other words in investor, you should do as I do – buy physical silver. However, if you are looking for a shorter-term trade, then you should employ a reasonable range bound system, using the $16.50 level above as a significant resistance barrier that extends to the $16.60 level, and the $16.20 level underneath is the base. Going back and forth with some type of indicator like a stochastic oscillator could be a good way to play this market and the futures market, or perhaps even the CFD market.