Silver Forecast Today 17/2: Faces Volatility (Video)

(MENAFN- Daily Forex)

• Silver has exploded to the upside during the early hours on Friday, but it's been a pretty ugly turnaround.
• As we get into the US session, we're starting to see gold sell off as well.
• So it's going to be interesting to see how this plays out. I'm paying very close attention to the $32.35 level, because breaking above there signified that we were going much higher.

However, that's also in theory going to be based on whether or not we can bother hanging on to the gains. And right now, that's a very real question indeed. So, we'll have to see. As long as we can stay above this area of $32.35, maybe even $32.50, then I think silver has a real shot at going higher, but it's obviously going to be a very volatile market and you're going to have to be very cautious.

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All things being equal, I do think that you need to see gold pick things up and it's probably worth noting that it's at least a little shaky to say the least here on Friday, but ultimately, I think this is a market that will eventually try to make its way up to $35. That's kind of been the thought process all along, but we're right now breaking through that major barrier that I was so worried about previously. So, with that being the case, it's definitely got my attention. I don't know if I would jump into it heading into the weekend, but Monday morning might be a different story because who knows what the headlines are going to be over the weekend. And remember, silver's not just a precious metal, it's also an industrial one as well. So that comes into play also. Short-term dips could be buying opportunities, but by all means, you're going to have to be careful here.

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