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.
Buying dips
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.