Silver Price Forecast May 31, 2017, Technical Analysis

Silver markets had a volatile session on Tuesday, as we fell all the way down to the $17.18 level, and then turned around to bounce significantly. It appears that the buyers are willing to pick up dips, as they represent value in a market that’s been in a strong uptrend over the last week or so. I believe that the $17 level underneath is massively supportive as well, so as long as we can stay above there I think that there is going to be a certain amount of buying pressure underneath. The market breaking above the $17.50 level would be a very bullish sign, sending the market towards the $18 level in the next leg higher. I think that pullbacks continue to offer value that people are willing to take advantage of, and therefore it’s only a matter of time before we see a bounce on every dip.

Breakout

If we were breakout above the $18 level, that should send this market looking to the $20 level, which is very significant on the longer-term charts. I think it will be difficult to get above there, but that’s a nice hurt to aim for in the meantime on buying opportunities. Alternately, if we were to break down below the $17 level, that would turn this market very bearish all of the sudden, and would be a concerning sign for silver buyers to say the least. Either way, this is a volatile market under the best of conditions, so you will have to be very careful. Using the CFD market is probably going to be the best way going forward, as it allows you to keep a small size and add as you go along. Treatment futures market is probably a bit too risky at the moment.

SILVER Video 31.5.17