Silver weekly chart, November 13, 2017
    Silver weekly chart, November 13, 2017

    Silver Price forecast for the week of November 13, 2017, Technical Analysis

    14 days agoByChristopher Lewis

    Silver markets initially tried to rally during the week, breaking well above the $17 handle before retreating. By doing so, the market ended up forming a shooting star, which it had done the previous week. This is a very negative sign, but I also see a significant amount of support at the $16.50 level, and it may take a while to break down below there. If we do, then the market should go down to the $16 handle underneath. That’s an area that will be even more supportive, but a break below that level opens the door to the $15 level. Alternately, if we were to break above the top of the shooting star from the past couple of weeks, that has the market challenging the $17.50 level, and then perhaps reaching towards the $18 level.

    In other words, the market is far too tight to have this market looking like one that you can trade from a very long-term picture, unless of course you are willing to hold physical silver which is an entirely different investment altogether. I think with the chart tells us is that it’s going to be very choppy over the next several weeks, if not months, so therefore longer-term traders need to look at this chart incrementally, and perhaps in $0.50 sanctions. In very obviously has reaction every time we hit one of those levels, so pay attention. All things being equal though, it looks as if the downside is probably favored for the next move, and perhaps the rest of the year. Overall, it’s a market that should continue to be noisy, but silver always is so if you have traded different in length of time you should be used to this.

    SILVER Video 13.11.17

    Favorites

    SymbolLast PriceChangeChart

    Live Quotes

    Top Promotions
    Top Brokers

    FX Empire - the company, employees, subsidiaries and associates, are not liable nor shall they be held liable jointly or severally for any loss or damage as link result of reliance on the information provided on this website. The data contained in this website is not necessarily provided in real-time nor is it necessarily accurate.
    FX Empire may receive compensation from the companies featured on the network.

    All prices herein are provided by market makers and not by exchanges. As such prices may not be accurate and they may differ from the actual market price. FX Empire bears no responsibility for any trading losses you might incur as link result of using any data within the FX Empire.