The Silver markets went to the upside during the session on Tuesday, as in the $16 level has offered support. I believe that the market should continue to
The Silver markets went to the upside during the session on Tuesday, as in the $16 level has offered support. I believe that the market should continue to go higher, perhaps reaching towards the $16.50 level, as the US dollar continues to get hit overall. I believe that the market should continue to be a “buy on the dips” situation, and I believe that as long as we can stay above the $16 level, the market should continue to find plenty of bullish pressure. I believe that the US dollar will continue to get pummeled, and that perhaps the $15 level was going to be the “floor” in the market. The market should continue to find both leveraged and unleveraged buyers, as the market continues to offer a safe haven from the US dollar.
I continue to buy dips, and I have no interest in shorting. I do not think that the market will eventually break down anytime soon, and I believe that longer-term we’re going to go looking for the $18 level, and then eventually the $20 level after that. I am very bullish of silver, least until we get some type of inflationary pressure in the United States, which seems to be dissipating.
Being FXEmpire’s analyst since the early days of the website, Chris has over 20 years of experience across various markets and assets – currencies, indices, and commodities. He is a proprietary trader as well trading institutional accounts.