Silver markets go back and forth during the week

The Silver markets went back and forth during the week, essentially going nowhere. Ultimately, the market continues to hover around the $16.50 level, and it seems as if we continue to give moves ranging $0.50 at a time.
Christopher Lewis
Silver weekly chart, May 28, 2018
Silver Billon

Silver markets continue to go back and forth during the week, as we see the $16.50 level offer a bit of a fulcrum for price. I think that the market is essentially trying to build some type a basing pattern, so it is possible that we will eventually see an impulsive move to the upside. I think there is plenty of support underneath down at the $16.50 level, and then even the $15.50 level after that. I think that the market will continue to find buyers on dips, and eventually we could break out to the upside. I think that the market will eventually find reasons to go long, and I think that value hunters will continue to test this market.

It’s not until we break down below the $15.50 level that I would consider shorting this market, and even then I think it would be very difficult to do so. This is a market that I tend to invest in longer-term, and I think what we are doing right now is offering value for those willing to pick up silver in little bits and pieces and add to a longer-term core position. This is why I like physical silver, but I do recognize that short-term traders may be able to go back and forth with an upward proclivity and the futures markets, or even the CFD market. Ultimately, this is a market that I think has a lot of support underneath, so then it’s likely that we will continue to find buyers.

SILVER Video 28.05.18

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