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Silver Markets Technical Analysis
Silver has tried to rally a bit during the trading session, and at this point in time, I think what we are seeing is the $32.35 level offers significant resistance, an area that I had pointed out previous times. So, with that being the case, I think you need to be very cautious about trying to buy it here. There is an argument to be made that a dip is actually needed in this market, as it shot straight up in the air for a couple of days, and I’m not going to lie here, I think that’s probably what we are seeing.
I don’t know if the uptrend in gold is over. I don’t know that the uptrend in silver is over, but they both look very similar today. It’s a little exhausted. So, with that being said, I think gold, if it pulls back, it’ll probably pull this market back as well. But I do see Silver finding a lot of support near the $31 level. Alternatively, if we just power higher from here and break above the $33 level, then I think Silver really starts to melt up.
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