Yahoo Finance Silver Price Forecast March 22, 2018, Technical Analysis
Silver markets exploded to the upside during the trading session as traders tried to position themselves ahead of the Federal Reserve meeting and announcement. It looks likely that they are banking on a falling US dollar, and this will come down to how the market reads the statement. The question now is whether there will be 3 or 4 interest rate hikes during the year, and that of course will have a major influence on what happens with the US dollar. The more interest rate hikes, the higher the value of the US dollar will be. That translate into lower precious metals numbers in general, but of course there’s always the geopolitical concerns around the world that could send the market higher as well.
SILVER Video 22.03.18
I’m looking at this from an hourly chart, and it does look a little bit overextended. Ultimately, I think that if the market pulls back, it should offer a nice buying opportunity though, especially near the $16.25 level. Otherwise, if we can break above the $16.50 level, the market should then go to the $16.65 level. Beyond that, I think we could then go to the $17 level. It’s astonishing to me how volatile this market is, but if you are careful and keep a small position going, you can quite often benefit from repeatable patterns in this market. For myself, I’ve been buying physical silver for months, and I continue to look at it as a buying opportunity every time we pull back.
This article was originally posted on FX Empire
