Silver Price Forecast – Silver markets drift lower but find support

Silver markets continue to be supported just below the $16 level, and Friday was more of the same. Because of this, I believe that the market will eventually find buyers to push this market towards the top of the overall consolidation, meaning the $17 level. I think short-term traders will come in and start to look at this as a buying proposition as it offered value, and then I think we could see a move towards $17, possibly even the $17.50 level where I see a significant amount of resistance.

For what it’s worth, I see that the US dollar is starting to give up some of its gains, against several major currencies around the world. Because of this, I believe that there will probably be a lot of volatility, but the falling US dollar should help the overall value of silver itself and therefore I think that we are probably looking at a short-term buying opportunity and what has been a reliably volatile and back and forth type of marketplace. Keep in mind that Silver does tend to move rather quickly, so keep your position sigh small, but if you are range bound trader this could be a nice trade set up, perhaps using something along the lines of the stochastic oscillator to help your position.

SILVER Video 09.07.18