- You can see that we have in fact gone back and forth during the session here on Monday as chaos reigns around the world.
- We have a scenario where traders are looking at the rec that we've seen happen in the technology sector as deep seek has caused all kinds of chaos.
- While that doesn't necessarily make you think of silver right away, what it does make you think of is all of the massive risk off behavior that we've seen.That of course doesn't help silver.
Silver is an extraordinarily volatile and risk on type of asset under the best of circumstances. So clearly that didn't help. Now, do I think that is the be all end all for silver? Absolutely not. I think silver continues to see a lot of volatile but positive momentum on dips. I don't necessarily think that silver is something that's going to break out though. I think what we've got is a major barrier in the form of $31.
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If we can break above the $31 level, then I do believe that silver really starts to take off in that environment. I'd be very interested in buying it and aiming towards the $32, 35 cents level. The 200 day EMA seems to be offering a little bit of support and underneath there we have the $28.75 cents level offering massive support as well. And I think that's the bottom of your consolidation. Right now, I just think we have a lot more back and forth in the silver market. So, you have to be very cautious and look at this as a range-bound opportunity for short-term traders. This is a market that I think a lot of people will look to for short-term traders in general. I would be somewhat hesitant to get too big as far as position size.
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