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

Silver markets initially tried to rally during the week but gave back quite a bit of the gains. The US dollar has strengthened a bit, especially considering that the jobs number was so strong from the month of February. I believe that the shooting star competes directly with the hammer from the previous week, meaning that we will probably continue to see sideways action in general. The $16 level is the beginning of massive support, and I think it extends down to the $15 level. The $15 level is a massive “floor” in the market longer term, and I would be stunned to see this market break down below there. If we break above the $17 level, we will then go to the $17.50 level, and then eventually the $18 level. I think that we are currently trying to build a bit of a base for a longer-term move, and I believe that longer-term silver traders are accumulating large positions. Volume is still good, regardless of the sideways consolidation. When I look at longer-term charts, it looks like an accumulation phase.

Ultimately, I think that we go looking towards the $20 level, but it may take some time to get there. Buying on dips continues to be my favorite way to play this market, and I prefer physical silver over anything else, as the futures markets could be a bit choppy and difficult. However, for those who can play a small position and hang on, this could be an opportunity to go higher. Alternately, this is a market that will attract a lot of short-term trading.

SILVER Video 12.03.18