Silver Price forecast for the week of March 6, 2018, Technical Analysis

Silver markets rallied during the week, reaching towards the $16.60 level. We are currently seeing quite a bit of support near the $16 level, which I think extends down to the $15 level, making for a very strong “zone of support” underneath. I believe that we will continue to consolidate, and that short-term pullbacks offer plenty of opportunities for buyers to get involved. I think that eventually we can reach towards the $18.50 level, and then $20. A break above $20 has this more of a buy-and-hold scenario.

SILVER Video 26.03.18

In the meantime, I like buying short-term dips in small positions, and adding as I build up a large position for what could be thought of as an investment and not a trade. Eventually I do anticipate that Silver will continue to go higher, because I leave that even with the known interest rate hikes coming, the US dollar is going to soften as other currencies around the world will start to enjoy higher rates. Currently, it looks as if the global market is doing fairly well, and that almost always favors currencies outside of the United States. True, there is a significant amount of concern about a potential trade war, but that would only put upward pressure on precious metals anyway. Ultimately, buying silver is something that you are going to need to use a lot of patience with, but in the end, I do think that it goes higher over the long run.