Silver markets rallied a bit during the trading session on Thursday, reaching towards the $28 level. That is an area that has been important a couple of times now, so do not be surprised at all to see this market react a bit towards that level. If we do break above the $28 level, then it is likely that we go looking towards the $29 level.
At this point, the market looks very likely to see a bit of upward pressure, but there are some hurdles to clear between now and then. In the short term, buying dips should continue to work as the $26 level looks to be very supportive. Ultimately, this is a market that I think continues offer value on dips, but you should be very cautious about your position size, as the market does tend to be very volatile and that is of course very expensive.
The 50 day EMA is starting to reach towards the $25 level, and that could very well become the “floor in the market” going forward. I think at this point in time it is likely that we will continue to see a lot of noisy trading, but more of an upward proclivity than anything else right now. Even if the US dollar rises, there is an argument to be made for silver rally in doing to the fact that the central banks around the world continue to loosen monetary policy, not just the Federal Reserve. In other words, people are going to be looking for a certain amount of wealth preservation. #Silver##FX#
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