Silver Price forecast for the week of November 27, 2017, Technical Analysis

Silver markets spent most of the week falling at the open, but found support near the $16.80 level yet again, to turn around and bounce. At the end of the week, we formed a hammer, but we have formed a couple of shooting stars previously, and this signifies a lot of confusion and indecision. If we were to break above the $17.50 level, I think we could go towards the $18 level next, but I look to gold to give me the signal as to which direction to go. Given enough time, I suspect that gold breaks out above the $1300 level, and that could be the catalyst for Silver to go higher as well. Quite often, one market will lead the other, and right now looks likely that the Silver markets are going to lead the way.

The opposite scenario is a breakdown below the $16.50 level, which would send this market to the $16 level. Again though, I think you would need to see the US dollar strengthening, and gold markets fall apart. If that were the case, we could see an acceleration to the downside, but right now I suspect that we are more likely to see buyers get involved, and because of this I think that you are better served looking for the upside, and therefore patience will be needed. Given enough time, if we can break above the $18 level, we are going to go much higher, as the US dollar falling would be the most likely catalyst due to the lack of tax reform coming out of Congress. Initially, we would make a move towards the $19 level, and then eventually the $20 level after that. A breakdown should find plenty of support at the $15 level.

SILVER Video 27.11.17