My 2017 Silver Price Prediction Is Extremely Bullish Thanks to the U.S. Dollar

Jon Technical Analysis

The silver price has been looking extremely bullish the past two weeks.
After hovering near the $17 level from Aug. 17 to Aug. 25, silver prices pushed all the way to a five-month high last week. Between Friday, Sept. 1, and Friday, Sept. 8, the metal climbed 1.7% to $18.12 – the highest settlement since April 19.
That was 6.1% above the 200-day moving average of $17.08, which has served as a sort of resistance level. By surpassing $17.08, silver looks poised to go higher.
But first, I expect we’ll see the price of silver retreat from here in the short term. A pullback following a 14.4% rally in just two months would be healthy at this juncture.
In fact, I think we have already seen a start to this move, as a possible bounce for the U. S. dollar may be in the cards. The U. S. Dollar Index (DXY) – which tracks the dollar against other currencies like the yen and the euro – is already up from 91.35 to 92.07 today (Tuesday, Sept. 12).

This post was published at Wall Street Examiner on September 12, 2017.