Silver Continues to Look Bullish

NEW YORK (October 16) Silver has gapped to the upside to show signs of strength yet again during the trading session here on Thursday but then fell to fill the gap and turned around and show signs of strength yet again. So at this point in time, it looks very much like a market that is still bullish. It is probably dangerous, is a good way to put it. But ultimately the $50 level, I think, is your short-term support level. A pullback towards $50, I think, would attract a lot of attention looking for value and therefore I think it’ll be an interesting place to watch if we do in fact see some selling pressure.

Recently, it’s been noisy in this market, but it looks like the buyers are sitting there with a little bit of control right now, although it is worth noting that every time it looks like we’re really getting ready to launch, we sell off again. So, it’ll be interesting to see how this plays out. So, with this, I think it’s buy on the dip. I don’t think you really get too aggressive here. I don’t know if we’re going to break above the highs again, very easily.

I think it’s going to end up being a fairly choppy and noisy day. Clearly, people like metals, but we live in very interesting times, and silver, of course, is a very volatile and very expensive contract at times. So do be aware of that. At this point in time, it’s a one-way trade. The question is, can you find silver cheap enough?

FXEmpire