Silver Markets Break the Barrier

While I would not necessarily think of silver as a safety asset, the reality is that traders will flock towards precious metals in general when there are a lot of concerns. At this point, the market looks as if it is going to try to break towards the $26 level, which of course is another area where we have seen a bit of noise. At this point, any pullback should be a nice buying opportunity, based upon the idea of value. Ultimately, this is a market that will continue to be very noisy but that is nothing new for silver in general.

SILVER Video 07.03.22

The $25 level underneath is going to be significant support, so if we were to break down below that level, I think silver would probably start to fall apart. In general, this is a market that will continue to find plenty of choppy behavior, so ultimately, I think what we have got is a situation where you are looking to buy dips, but you also recognize that silver is going to be very difficult to trade at times. Pay close attention to gold, because it does have a bit of a periphery effect on this market, as the two do tend to move in the same direction.

On the upside, I believe the $28 level is probably about as far as we go before, we start to see massive resistance yet again. In general, this is a market that continues to be a situation where you need to trade small but look towards the upside. I would have no interest whatsoever in shorting this market as things stand right now.

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