Silver Markets Technical Analysis
The silver market dropped early during the trade session on Thursday to reach to the level of $ 33.33, an area that I have viewed quite a bit. It may be worth noting that the market seems as if it is trying to stabilize here and that is why I think we could see value hunters coming in to get small pieces and silver to take advantage of what a very strong uptrend was. I am not interested in falling into silver, and I think we are likely to go a little higher, but I also acknowledge that silver is a very noisy market and one that you can get in many problems if you are not careful.
So with that I hesitate to become aggressive, but I do think that this can be an arrangement on the DIP setup in the short term. If we break down here, the level of $ 32.50 is an area where I also start looking at potential support. And I think, given enough time, we do everything we can to finally break in the direction of the $ 35 level, which was a big swing high, and of course an area that has been important several times in history. I am not interested in failing silver. I think we will eventually go higher based on a shrinking US dollar, and of course a lot of fear that is there, because it is part of the complex with precious metals.