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Video Length: 00:01:57Silver 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.
If We Break Higher
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.More By This Author:GBP/USD Forecast: Surges On Strong UK PMIEUR/USD Forecast: Continues To Rally After Trump CommentsETH/USD Forecast: Holds 50 Day EMA
