- I see clearly that this is a very bullish market, and that it should continue to strengthen.
- Breaking above the $30 level was a very strong victory for the bulls at this point. That being said, the market is going to continue to be very choppy, and I think it’s likely that we will continue to see quite a bit of noisy behavior.
Short-term pullbacks are more likely than not, and therefore I think you have a situation where a lot of traders will get involved and start getting long yet again. The $30 level of course is an area that will attract a lot of attention, and I think traders will continue to see this as a level that is going to be important, and if we were to break down below the $30 level, then it’s possible that the market could drop down toward the 50-Day EMA. The 50-Day EMA currently sits right around the $29 level, but I think even if we were to break down below there, the $28.50 level would be even more support and from what I can see.
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Silver Continues to be Noisy
Silver market continues to see a lot of buyers on every dip, and I do think it will continue to be very noisy. Just above, we have a significant amount of resistance near the $30.85 level, but I think that’s minor resistance, and therefore it’s probably only a matter of time before we break above there. If we do clear that area, then it’s likely that we could go looking to the $31.50 level.
The size of the candlestick during the trading session on Wednesday is of course very bullish, and I think it does show that there is a significant amount of desire to get long of this market. I have no interest in shorting silver, and I do believe that over the longer term we will go looking to the $32 level above. Ultimately, this is a market that I think continues to attract inflows.
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