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Silver Markets Technical Analysis
The silver market has rallied quite nicely during the trading session on Tuesday in the early hours as we continued to see a lot of noisy action. That being said, we did break back above the $33,33 and that of course is an area that a lot of people would be paying close attention to. At this point, if we can break back above the latest swing high, then I think we will probably go looking toward the $35 level, which was a massive swing high in October of last year. A lot is to be determined at the moment, but I would point out that there is a very real possibility that short-term pullbacks continue to attract a lot of attention. And of course, silver, as per usual, is something that you should be paying close attention to. It is a very volatile market.
So, with that, I like the idea of buying silver, but I prefer to get some type of value play, be it a pullback and a bounce, or maybe a rally and then a pullback. I don’t necessarily like chasing it, which is something that’s very easy to do in this type of environment. So, with that, a little bit of caution is probably warranted, but I also recognize that we have a situation where traders will be watching to see whether or not we can break the latest swing high and challenge $35. The main reason for that is, once we break 35, the last couple of times we’ve done that, the only two times we’ve done that, we’ve shot straight to 50. So that’s a big deal. On pullbacks, I think there’s plenty of support at the $32,35 level, which is also backed up by the 50 day EMA. So, this is a buy on the dip market for me only.
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