Silver markets rally significantly on Thursday

Silver markets have rallied nicely during the trading session on Thursday, perhaps getting slightly overbought at one point, but have turned around to show signs of strength again. Ultimately, I believe that this market will reach towards the upside and perhaps even the $17 level in the short term, which has been important more than once. If we can clear that level, then I think the $17.50 level gives us an opportunity to aim for higher levels as it has been a nice target in the past. I believe that the $16.50 level underneath is going to act as support now, as it was previous resistance. I like the idea of buying the dips longer-term, and I believe that this is a market that is likely to be one that you can invest in more than trade.

I think that the idea of buying bits and pieces of silver along the way for a retirement account makes a lot of sense. I think that at this point it’s likely that longer-term traders are buying physical silver, as the volatility and the futures market makes it very difficult to deal with for a longer-term move, as rolling over contracts can be very expensive. CFD markets could also give you an opportunity as well, so I think that short-term pullbacks could be thought of as buying opportunities in that market. I think that the market will continue to be noisy based upon what’s going on with the US dollar of course, so I like the idea of waiting for lower pricing before start buying. If you’re longer-term trader, that means buying silver in its physical form. Otherwise, buying dips in the CFD market or even the futures market is probably the way to go.

SILVER Video 08.06.18