Silver Prices Forecast March 6, 2017, Technical Analysis

Silver markets pulled back slightly on Friday again, but what I find interesting is that the 50-day exponential moving average sits just below. That tends to be a very influential moving average for longer-term traders. With even more interesting is that we have recently crossed above the 100-day exponential moving average and the 200-day exponential moving average as well. Since all 3 of these moving averages have crossed, I believe that a lot of longer-term traders are starting to get involved. Having said that, the fall on Thursday was rather precipitous so I believe that we are finally making the decision as to whether the longer-term trend is going to continue to go to the upside. If we can break above the top of the candle for the Friday session, I believe that the $18 level will be targeted and then eventually we should go higher than that.

I believe that Silver should continue to go higher, but I also recognize that longer-term traders are suddenly getting involved, and it could cause quite a bit of volatility. The $17 level underneath is massively supportive and essentially the “floor” that I see in the market, and if we can break down below there, I believe that the market will reverse completely. I think Silver markets can be very interesting, and a volatile to say the least.

Given enough time, we should make a decision on where we are going longer-term, and I believe this is the area that it’s going to be decided. If we break above here, we will target the $19 level, and then the $20 level after that. Obviously, the $20 level is significant from a psychological perspective, just as the $17 level is underneath. Pay attention to the US dollar, it can have an influence as well as it tends to move in the opposite direction. However, you also have industrial demand when it comes to the Silver markets, and therefore it’s possible that we may get bullish pressure just from that alone as it looks like the industrial complex is starting to pick up worldwide.

SILVER Video 06.3.17

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