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The silver market has fallen a bit during the course of the trading session in the early hours of Monday as we are hanging around the 50-day EMA. The 50-day EMA, of course, is an indicator that a lot of people will be paying attention to, so it makes a certain amount of sense that we have bounced from there. And I do like the idea of taking advantage of cheap silver, and I do think that eventually we will go higher, but I also recognize that we are in a situation where traders are probably going to have to work off some of this excess froth that we had created during the recent move. After all, we had fallen off of a cliff only to turn around and shoot straight up in the air like a rocket ship. At this point, a little bit of stability would probably be pretty welcome, and the $33 level has been a bit like a magnet. So, it all ties together quite nicely.
The gold market looks a little tired, I think silver probably doesn’t have that wind in its sails either at the moment. And right now, I think what we’re looking at is more or less a sideways market with a little bit more of an upward tilt than anything else. After all, when you look at the longer term chart, we have been rising for quite some time beyond the flash crash that we just experienced a few weeks back. I’m bullish, not overly so, but I do think that short term pullbacks will continue to attract buyers looking to pick up cheap ounces of silver.
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