Silver Price Forecast for the Week of January 22, 2018, Technical Analysis
Silver markets went back and forth during the week, forming a bit of a neutral candle, with a slightly negative bias. The $17 level looks to be likely to an area that is attractive to traders in general, as it is essentially “fair value”. I think that the market will either breakdown below the bottom of the range for the week and then go looking towards the $16.50 level, or break above the top of the range for the week and go looking towards the $17.75 level.
When you look at the overall consolidation, it extends up to the $18.50 level, and down to the $15.50 level. This is a market that I think continues to be very choppy overall, and I would not be putting money to work until we get a breakout from the range of the week. If we can break above or below the blue box on the chart, that would be a very bullish sign, or negative depending on where we go. At that point, you could become a lot more aggressive. What I would point out is that the stochastic oscillator is a bit overbought, so it is possible that we will see a pullback. Nonetheless, I think that Silver continues to be a very choppy market to deal with, and I prefer to trade silver with physical metal, or at least CFD market so that I don’t have the risk inherent in the futures market which can be a bit expensive.
SILVER Video 22.01.18
This article was originally posted on FX Empire
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