Silver Markets Technical Analysis
The silver market gathered very nicely during the trade session on Tuesday in the early hours, because we continued to see a lot of noisy action. That said, we have broken back above $ 33.33 and that is of course an area that many people would pay close attention to. At this point, if we can break back above the latest Swing High, then I think we will probably look at the $ 35 level, which was a huge swing high in October last year. At the moment a lot has to be determined, but I would point out that there is a very real possibility that withdrawals continue to attract a lot of attention in the short term. And of course, silver, as usual, is something you should pay attention to. It is a very volatile market.
So with that I love the idea of buying silver, but I prefer to play a kind of value, whether I am a pullback and a bouncing, or maybe a rally and then a withdrawal. I don’t necessarily like to chase it, something that is very easy to put in this kind of environment. So that is probably a bit of caution, but I also acknowledge that we have a situation in which traders will see to see if we can break the newest swing high and challenge $ 35. The main reason for this is that, as soon as we break 35, the last few times we have done that, the only twice that we did, we shot directly to 50. So that’s a big problem. On pullbacks I think there is a lot of support at the level of $ 32.35, which is also supported by the 50 -day EMA. So this is a purchase on the dip market alone for me.