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Silver Markets Technical Analysis
Silver has pulled back initially during the trading session on Friday, only to turn around and show signs of life. Ultimately, this is a market that I think is trying to break out and go to much higher levels. We have been very bullish for some time, but all things being equal, I think every time this market pulls back, you have to look at it through the prism of a potential buy on the dip situation. If we can break above the $35 level, it’s likely that silver is really going to take off. The gold market, of course, has been very bullish and has broken out significantly.
So, I think that given enough time, silver will, of course, catch up. That doesn’t necessarily mean that we are going to see a shot straight up in the air. And I do think that silver has some work to do, but all things being equal, I don’t have any interest in getting short of this market. The $33.33 level below is previous resistance, and it should now be support.
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