Silver Price forecast for the week of February 5, 2018, Technical Analysis

Silver markets look to be bearish by the end of the week, after the jobs number came out of the United States. Ultimately, I think that this market will probably continue to bounce around the $17 level, looking for a reason to move to the upside. We are starting to tighten up in general, so that of course will keep this market on the sideways direction. If we can break above the $17.50 level, the market should then go towards the $18.50 level, and a break above there should send this market to the $20 level.

I like buying pullbacks in this market, so even if we dropped towards the $16 level, I would anticipate that there is a lot of support in that area that we can take advantage of. The value of silver is closely tied to the gold markets, so they need to rally to continue to push the over higher. I would add position slowly, and not over lever the position anytime soon, only adding when it works in your favor. The market continues to be one that is difficult, but I think longer-term Silver will shine, as the United States dollar certainly looks as if it is going to fall most of the year, and that should continue to how precious metals overall. If gold rallies at that point, that should help silver as well. I don’t have any interest in selling, based upon the longer-term fundamentals.

SILVER Video 05.02.18