Silver Price forecast for the week of March 19, 2018, Technical Analysis

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Updated: Mar 17, 2018, 07:07 UTC

Silver markets were negative during the week, but at this point we remain well within the consolidation area that we have been in for some time. Because of this, I think it’s only a matter of time before the buyers return.

Silver markets continue to be very noisy, as we have dropped towards the $16.25 level. I think their support at the $16 level underneath, and then the $15.50 level after that. Ultimately, I think that buyers will return to this market, trying to reach towards the $17 level. A break above there sends the market looking towards the $17.50 level, and then eventually the $18.50 level beyond that. Longer-term though, I am a buyer silver in general, but I recognize that it is more of an investment and less of a trade, meaning that you should be holding onto this for a move higher.

SILVER Video 19.03.18

I think that the market will continue to be noisy, and of course the US dollar will have it say as to where we go longer term. I think given enough time though, the higher value US dollar will take the back burner, and eventually will start to look at the possibility of inflation coming into the situation, and that of course pushes the higher levels into focus when it comes to precious metals. Longer-term, I look at this is a market that will go looking towards the $20 handle, and then eventually $50. If we were to break down below $15, that would be a major issue, but at this point if you can trade without leverage, or at least a small CFD market position, you have the ability to take advantage of what could be a longer-term move, if you are patient enough.

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About the Author

Christopher Lewisauthor

Being FXEmpire’s analyst since the early days of the website, Chris has over 20 years of experience across various markets and assets – currencies, indices, and commodities. He is a proprietary trader as well trading institutional accounts.