Silver Forecast Today 02/07: Continues To Rally (Video)

(MENAFN- Daily Forex)

• Silver rallied a bit during the trading session on Monday but has also given back some of the gains to show signs of hesitation.
• At this point in time, it's worth noting that the market will more likely than not go looking to the $30 level, but it's going to be noisy on the way up.
• This is typically the way this market behaves, and at this point in time, I suspect that we will continue to see a lot of volatility on the short-term charts, and this can be dangerous.

The 50-day EMA underneath will continue to offer support, as will the $28.50 level. Silver, obviously, is very sensitive to interest rates and risk appetite in general. So, with that being said, I like the idea of perhaps trying to sort out whether or not the bond market in America chills out and allows us to go higher here or if there's a sudden rush towards some type of industrial use case.

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We're in an uptrend. We've had a nasty pullback, but that's nothing unnatural. That's something that happens all the time in silver. So, I like the idea of buying here. I recognize though that position sizing will be one of the biggest factors in whether or not you are going to be successful trading this market Be Careful with This Market

Silver can cause a massive amount of damage if you are not careful. So, with that being said, make sure that you are not over-levering yourself and make sure that you're not risking more than you can afford to lose because silver can really take off in one direction or the other once it makes up its mind. I like the idea of eventually breaking above the $30 level and continuing the move to $32 but I also recognize just how dangerous this position can be.

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