SILVER Technical Analysis
The silver market has rallied yet again during the trading session on Monday as we continue to see plenty of upward pressure, and I think we have got a scenario where any pullback right now looks to be jumped on. This is a very interesting market because of the just rip to the upside. At worst, we are looking at a couple of days of consolidation before we rip even higher over the last month or so.
We are at $69 and approaching $70, something that almost nobody in the industry saw coming, and truthfully, it is kind of strange to see that, truth be known. This is a market that had failed at $50 a couple of times in the past, and the fact that we sliced through it was very impressive. With this, it has changed the way we have to think about silver going forward.
Immediate Support Levels
The question now is how much longer this will go on before it breaks something? That, I think, is the real problem here. Sooner or later, they will push back, but as things stand right now, this is a market that, quite frankly, anytime it dips, you have to be thinking about buying. The $65 level at this point is probably your immediate floor in the market, but after that, you have $62.50 and $60 coming into the fray. $70 will probably cause some type of reaction, but you could say that about every large figure we approach. This is the only way to think about it, “Where are options and large numbers that I can follow?”
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