Silver markets rallied a bit during the trading session on Monday, to kick off the week. I think it we can finally break above the $15.65 level, it’s likely that the market will then go looking towards the $15.88 level. There is a lot of noise in this market, but at this point I do believe that silver is trying to form a bit of a base. Between the $15.50 level in the $15 level, there is a ton of demand. That doesn’t mean that we are going to take off to the upside immediately, but I do think that pullbacks offer value that traders will be willing to take advantage of.
I believe that the market will continue to be very loud, but that’s nothing new for Silver traders. Over the longer-term, I believe that the market will probably go looking towards those highs at the $15.88 level, I think that pullbacks will be supported at various levels, but most importantly the $15.35 level which has been tested a couple of times now. If we were to break down below that level, then I think we probably go closer to the $15 level where I would expect a ton of buyers to jump in. If we were to break down below the $15, that would be a major event longer-term for this market, something that I don’t see happening anytime soon. Pay attention to the US dollar, if it starts to fall again that should help silver.
