Silver markets drift a bit lower during quiet Monday

Silver markets fell a bit during the trading session on Monday, reaching towards a short-term uptrend line. I think that the market could eventually go higher, as we continue to have “higher loads” in the market. The $16.50 level above is short-term resistance, but I think breaking above that opens the door to the $16.60 level after that. If we can break above the $16.60 level, then we should make a “higher high” after that.

If we did break down below the uptrend line, that would be a very negative sign, perhaps reaching towards the $16.30 level underneath, and then the $16.20 level. I like the idea of fighting value in this market, as the markets should continue to favor longer-term value hunting, and of course investing. For short-term traders, it is a “by on the dips” market, but you should be very quick to take profits as you can see the market has been very volatile as of late. I like the idea of picking up value on Silver market charts, not only building up for an investment for longer-term trading, but also for scalping the futures markets as they are clearly favoring a return to bullish pressure if we get a bit to negative. I think that the $16 level underneath will continue to be a bit of a “floor” in the silver market going forward, and therefore I don’t have any interest in shorting this market.

SILVER Video 29.05.18