Silver Price forecast for the week of July 10, 2017, Technical Analysis

Silver markets fell higher during the week, slicing through the $16 level. In fact, as I record this we are testing the $15.50 level, and I believe that the $15 level under there is probably the next target. On the chart, we have a bad tick, so ignore the long tail. Nonetheless though, it tells us the same story either way. A breakdown should continue to be the case on rallies, as we continue to see precious metals pummeled when it comes to the scenario we are trading and. After all, interest rates are going higher in several of the central banks around the world, and that is one of the hardest things to trade through if you are bullish for precious metals. That’s not to say that we don’t have a scenario in which you should own precious metals, but that would depend on geopolitical issues more than anything else.

Selling rallies

I believe the selling rallies continue to be the best way to trade this market, and it may even be off shorter-term charts that you find the easiest way to go forward. Silver markets have no real support in them below the $15 level that I would be overly interested in, except for maybe the $10 level which is supportive on ultra long charts. Ultimately, this is a market that I think will continue to suffer unless there is some type of massive surprise in the form of geopolitical concerns. At that point, we may have people buying precious metals for safety, but other than that I don’t see a scenario where the buyers will take over again. The market looks very ominous to say the least. Physical silver could be bought, but quite frankly that’s about as good as it gets.

SILVER Video 10.7.17