Silver Price forecast for the week of February 12, 2018, Technical Analysis

Silver markets continue to struggle with a stronger US dollar, and it’s likely that we are going to go looking towards the $15.50 level underneath. That’s an area that should be supportive, as it has been in the past, so I think if you are patient enough you should get a buying opportunity. It doesn’t mean they should jump in right away, but I think that the patient trader will be able to take advantage of a value area, especially near the $15.50 level. Volume is picking up, so it’ll be interesting to see how that plays out, but I think until we break down below the bottom of the range, you should assume that the range is still in effect.

I believe that eventually we will bounce from the $15.50 level and reach towards the $17.70 level again, as we have over the last couple of years. I think that if we did breakdown below the $15 level, that would be extraordinarily negative for silver, but right now I suspect that we won’t see that. If we were to turn around and break above $18, then it becomes more of a buy-and-hold situation, but it will take a lot of momentum and of course work to get above that area. Because of this, I think that you need to be patient, or if you cannot be, perhaps you should be trading in more of a range bound short-term strategy. Longer-term silver traders tend to buy-and-hold for the future, one of my favorite things to do with physical metal.

SILVER Video 12.02.18