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On a pullback from here, if we break down below the 50 day EMA, then the $31 level is an area that I would be paying close attention to. As it had previously offered resistance, it should offer support now. Either way, this is a market that I think you need to keep your position size reasonable because there are a lot of concerns out there about the global growth scenario, and of course, whether or not tariffs will in fact be enacted.
That being said, Donald Trump did push back tariffs to Mexico and Canada by a month yesterday, flinching essentially. So, the question now is, will the market even take that seriously? With this being the case, I think silver remains bullish. But again, it is going to be very volatile as it’s not just a precious metal, it’s also an industrial one.
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