Silver falls during the week only to find buyers

The Silver markets fell initially during the week, reaching down to the $16 level, an area where the buyers return. By forming the hammer that we have, this is a good sign, and it shows that there are still plenty of buyers underneath willing to pick up silver. I think that eventually, the buyers may when the day, but it’s obvious that we are still very much in consolidation. The $17 level above is resistance, but I think we break above there and go to the $17.50 level. Ultimately, I think that every time we pull back there will be plenty of buyers underneath trying to take advantage of value.

If we did breakdown below the $16 level, the market more than likely has plenty of support at the $15.50 level, an area that should be very solid for the markets, as it has held for several years. I think that every time we dip, it’s time to start buying silver, but I prefer to do with very little in the way of leverage. I’ve been buying physical silver, as I believe longer-term the should be a nice moved to the upside just waiting to happen. Alternately though, if you are a futures trader, perhaps you can buy dips for short-term burst to the upside. A break above the top of the candle for the week of course is a sign of bullish pressure, just as any bounce that we get after short-term selling off would be.

SILVER Video 07.05.18