- It has become increasingly obvious that there are a lot of buyers out there on dips, and at this point in time I believe that any time the market pulls back you are likely to see value hunters come back in and try to take advantage of “cheap silver.”
- After all, silver has been extraordinarily volatile, but over the longer term, we have seen a lot of buying pressure.
Underneath, the $30 level continues to see a lot of interest around, and now that the 50-Day EMA is racing toward that level, I think it will become even more important. After all, the market is likely to continue to see a lot of noisy behavior, but I do think the people are willing to jump into the marketplace and take advantage of the silver market and its momentum over the longer term. If we can break above the highs of the trading session on Friday, it’s likely that the market will go looking to the $32.25 level.
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Ultimately, silver remains bullish
Ultimately, this is a market that I think continues to find a lot of interest, due to the fact that the US dollar is softening a bit over the longer-term, but we also have to wonder whether or not the central banks around the world will start cutting rates as well. After all, the markets are likely to continue to see a lot of questions asked about inflation and of course global growth, and therefore it’s likely that we will continue to see volatility in most of the commodities markets, which of course is magnified by the fact that silver is probably one of the most volatile commodities out there.
In general, this is a market that I have no interest whatsoever in trying to short, at least not until we get well below the $28.50 level, which is a major swing low. With this being the case, the market is likely to continue to see volatility, and a lot of people out there taking advantage of value any time they get the opportunity.
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