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MENAFN- Daily Forex)
The silver market rallied significantly during the early hours on Monday, to break above the $30 level. That being said, the market has seen a lot of pressure above and we have given back those gains to show a real hesitation to go higher. The market is likely to continue to be very noisy, but I do think that there are buyers underneath that will continue to support this market.
After all, the 50-Day EMA is sitting right around the $29 level, and I think that's an area that will continue to be important, so I think is worth paying close attention to and if we could turn around and bounce from there could open up the possibility of turning around.
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The technical analysis for this market continues to be fairly bullish, despite the fact that we have pulled back informed a very ugly candlestick. If we do pull back from here, it's likely that we could see buyers coming in to pick up a bit of value, with the $28.50 level underneath being important, perhaps even a bit of a“floor in the market.”
It's also worth noting that we had previously bounce from the so-called“golden pocket”, the area where we are to react to the 50% and the 61.8% Fibonacci retracement levels. All things being equal, this is a market that continues to see a lot of interest, but at this point in time it's likely that we will continue to see a lot of people looking toward the silver market due to the fact that the US dollar has been sold off. That being said, the US dollar is oversold, so we may get a little bit of a pullback.
This pullback could offer a bit of value, and I think it's only a matter of time before we see value hunters jump back into this market to take advantage of“cheap silver” if it does appear. On the other hand, if we were to break above the highs of the trading session on Monday, then it's possible that we could go looking to the $31.50 level above.
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