Silver pulls back initially on Friday only to find buyers

Silver markets continue to be very noisy, pulling back during the trading session on Friday, only to find buying pressure and an ability to reach towards the $17.20 level. I think that the market will ultimately break out to the upside, but we could get the occasional pull back to find enough value. I like the idea of buying silver on the dips and have been buying physical silver for the longer-term move that I think will happen to the upside. I suspect that we may get a short-term pullback in the immediate future, but that should only offer value that you can take advantage of.

As I pointed out in my longer-term analysis for the upcoming week, the market seems to be consolidating between $15.50 on the bottom, and the $18.50 level at the top. I think that the market should continue to favor the upside in general, but we will get the occasional pull back to build up the necessary momentum. I think longer-term, we will break above the $18.50 level and go to the $20 level next. However, we would need to see some type of major breakdown in the US dollar or some type of massive safety plate to send precious metals higher in that sense.

I believe that ultimately this market is struggling to find its footing in either direction for too long, so take advantage of the indecision and by at the bottom of the range and sell at the top. If we can break above the top, then it’s time to start looking for the next long position.

SILVER Video 23.04.18