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Silver Markets Technical Analysis
The silver market has rallied a bit during the early hours on Tuesday as we continue to see a lot of money flow into precious metals. The silver market had formed a massive hammer during the previous session on Monday. So, this is just a continuation of the recovery near the crucial $33.33 level. The question now is, can we get to the $35 level? I think the answer is yes, but I also think it’s a very noisy path to that level. Breaking above there is possible, but in the past, we’ve only done that twice, and that ends up sending silver towards the $50 level, which would not surprise me at this point, as this market is so momentum driven most days.
Short-term pullbacks, I think, continue to be buying opportunities in silver, which is inherently volatile to begin with. And you must keep in the back of your mind that silver is not gold, it’s also an industrial metal. So, if we get good news from the trade tariff front, that could also help silver. Although, admittedly, I think that’s probably one of the more minor points.
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