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The silver markets had a very bullish session during the Monday trading day, but gave back almost all of the gains by the end of the session. The candle for the trading session formed a wicked looking shooting star, and it is formed at the $35 level.
Because of this, it is a natural place to see resistance, and the fact that it showed up wasn't much of a surprise. However, with the move being as strong as it was we are somewhat surprised by the fact the failure was so spectacular. Nonetheless, we do see quite a bit of support below and suggests that this is simply a return to consolidation between the $33 and $35 area. Because of this, we think that buying on the dips will still be the way to go forward.