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The silver markets initially rallied during the Tuesday session, but as we got to the $32 level we solve significant resistance enter the marketplace. The resulting candle for the session was a shooting star, and it also closed the very bottom of the daily range. This suggests to us that we will make a move towards the $31 level, where we see quite a bit of support going all the way down to the $30 handle.
It is below $30 that the downside in silver should accelerate, but we do not think that that is the likeliest outcome at this moment in time. In fact, we are looking for supportive candles somewhere near the $31 area in order to start buying again. Longer-term fundamentals demand higher silver prices, and we certainly will not argue with that.\