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Silver Markets Technical Analysis
The silver market has plunged early during the trading session on Thursday to reach towards the $33.33 level, an area that I’ve been watching quite a bit. It might be worth noting that the market does seem as if it is trying to stabilize here and therefore, I think we could see value hunters coming in to pick up little bits and pieces of silver in order to take advantage of what has been a very strong uptrend. I have no interest in shorting silver, and I do think that given enough time we probably go quite a bit higher, but I also recognize that silver is a very noisy market and one that you can get into a lot of trouble if you are not careful.
So, with that, I am hesitant to get aggressive, but I do think that this could be a short-term buy on the dip setup. If we break down from here, the $32.50 level is an area where I start to look at potential support as well. And I think that given enough time, we are going to do everything we can to finally break towards the $35 level, which was a major swing high, and of course, an area that’s been important multiple times throughout history. I have no interest in shorting silver. I think ultimately, we do go higher based on a shrinking US dollar, and of course, a lot of fear out there as it is part of the precious metals complex.
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