Silver rallies significantly during trading on Wednesday

Silver markets rallied significantly during the trading session on Tuesday, breaking above the $16.75 level in the show strength. I think that short-term pullbacks will be buying opportunities, perhaps reaching towards the $17 level above, and then the $17.25 level. I think that the market will ultimately continue to try to break to the upside, but it’s going to take a lot of work to do so. The $16.50 level underneath should be massively supportive, and I believe that we will stay above there over the next couple of days.

Keep in mind that the Silver markets are highly sensitive to global appetite of risk, so pay attention to that. I think that a lot of the trade tension out there is lifting precious metals in general, and geopolitical concerns will continue to be a major contributor. If we were to break down below the $16.50 level, then we could go down to the $16 level, which I think is even more supportive. In other words, I don’t have any interest in shorting silver, rather I like to buy dips as they occur, but keep in mind that Silver markets are very choppy in general and can be thin at times. If we can break above the $17.50 level, then I think we go much higher, as it could be the beginning of a major breakout. I don’t expect that though, so keep buying those dips with small positions, at least that’s what I will be doing as this market continues to bounce around.

SILVER Video 12.04.18