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Christopher Lewis
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Silver markets have fallen initially during the course of the trading session on Thursday only to turn around and find signs of life again as the $27.50 level continues offer significant support. The $28 level continues to be somewhat important, as we have seen a lot of noise in general. That being the case, if we can break above the $28, then the market is likely to go looking towards the $28.75 level.

SILVER Video 21.05.21

Keep in mind that the silver market continues to enjoy a little bit of momentum due to the idea that the industrial usage will pick up as we reopen the economy. Furthermore, the US dollar has been falling and that also provides a little bit of a tailwind for silver. Nonetheless, there is a lot of noise just above so I think it is going to be very choppy to say the least but if we can break above the most recent high, then it is very likely that the market goes looking towards the $30 level. $30 has been an area that mattered more than once, and in the past when we are broken above it, silver has gone racing towards the $50 level.

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In the meantime, I think the market continues to find plenty of buyers on dips so therefore I like buying those dips all the way down to at least the 50 day EMA, if not the $26 level. At this point, I have no interest in shorting this market as it is so strong and therefore, I believe it is only a matter of time before I would not only be getting long of this market but adding to it on the breakout.

For a look at all of today’s economic events, check out our economic calendar.

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