Silver markets tried to rally initially during the trading session on Thursday, reaching towards the $15.50 level above. That’s an area that is very important as far as I can see, as we have seen sellers jump into that area more than once. I believe that the market breaking above there significantly could free the Silver market going to the $16 level above. I believe that the market is trying to find a bit of a bottom underneath, but that doesn’t mean it’s going to happen today. The $15 level underneath is massive support on the longer-term time frames, and that something that you need to be aware of.
If you are a longer-term trader, this is an area of accumulation. If you are not, this is an area of range bound trading that you can take advantage of by using a range bound system. I believe that we will continue to see a lot of noise based upon geopolitical concerns, and of course how that affects the US dollar. When I look at this chart, it looks likely that we are going to try to build up a little bit of momentum, and if we get more of a “risk on” trade going on globally, that should help Silver as well. I do believe that a lot of longer-term traders are starting to accumulate physical silver at these lower levels. In fact, I’d be stunned if we break down below $15.