Silver Markets Technical Analysis
The silver market has rallied significantly during the early hours on Thursday as we have broken above the $31 level, and now it looks like we are ready to perhaps try to go higher. For what it is worth, about the only thing I see here would be the previous uptrend line offering a little bit of resistance and we have respected that for a while, but a higher move from here almost certainly will bring in a lot of buyers to push this market towards the $32.35 level. Short-term pullbacks should continue to be buying opportunities in silver, extending from $31, which now should be support based upon market memory, but all the way down to the 50 day EMA could also be considered support.
All things being equal, this is a market that I think continues to see a lot of noisy trading. And as usual, you need to be very cautious about your position size due to the fact that silver is so volatile. But all in all, I do think this is a market where we have a lot of people looking back and forth for short term buying on the dip opportunities, and I think you are in fact starting to see that.
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