Silver Prices Forecast May 9, 2017, Technical Analysis

Silver markets initially tried to rally during the day on Monday, but continue to find sellers. The 72 hour moving average, on the attached chart, show signs of weakness in the market still, and that we are going to continue to go much lower. I believe that the market will continue to test the area just below, with the $16 level being massively supportive. If we can break down below there, I think that the market will then go to the $15 level under that. Any rally at this point in time should then be a selling opportunity, as I believe that the $16.50 level is massive in its bearish pressure. If we can break above there, I think the market will then go looking for resistance near the $17 level above.

US dollar

The US dollar of course will work against the value of silver, and the Silver markets are suffering from a serious lack of demand when it comes to the market. The markets continue to favor the downside for this market, and I believe that the longer-term move will show itself from time to time. I have no interest in buying until we can break above the $16.50 level, but would become aggressively bullish above the $17 level as well. I move above there would send this market looking to much higher levels, and I do think that eventually Silver will turn around but it shows no signs of doing so anytime soon. Because of this, I will check the weekly chart from time to time to see when we may turn around. In the meantime, short-term rallies will continue to offer trading opportunities to the downside from what I can see. I would become more aggressive under the $16 handle.

SILVER Video 09.5.17