- Silver rallied just a bit during the trading session on Tuesday, as we continue to see a lot of volatility, but upward trajectory in this market.
- The $32.35 level above has been an area that I think a lot of people will be looking at as a potential barrier, due to the fact that it did cause a little bit of resistance in the past and then again on Monday.
- If we could break above there, then it's possible that the market could go looking towards the $35 level over the longer term.
However, there is a long way to go to win that battle. The market will remain a bit noisy and difficult, but overall it looks like the trajectory will remain positive, as the markets are following gold at the same time.
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The Silver Market Will Watch CPI on Wednesday
However, keep in mind that the CPI announcement is coming out on Wednesday at 1.30 PM. That will have a major influence on what people expect as far as inflation is concerned in the United States, which by extension will have a major influence on metals. That being said, if the Silver market were to pull back from here, I think the 50 day EMA is somewhere where you might see buyers jumping in to take advantage of cheap ounces of silver.
If we break down below the $31 level, then we might have to go looking to the uptrend line in order to really find our flooring. Nonetheless, I am bullish in the short term at least. Therefore, I think you've got a situation where plenty of people will be willing to get involved every time that a little bit of value is offered as the market dips. I have no interest whatsoever in trying to get short of the silver market at this point in time.
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