(MENAFN- Daily Forex)

• Silver is just sitting right there at the $40 level, suggesting that we are in fact trying to break out onto the upside, but we'll have to wait and see how that plays out.
• If we can break $40, then obviously we can go much higher.
• Short-term pullbacks are very possible in this area, but I don't look to short the market under any circumstance.

I believe that if we do fall, it's very likely that we will see buying opportunities closer to the $39 level. Ultimately, this is a market where if we can break above the $40 level, then you take the measured move of the consolidation area. This for lack of a better way of marking it out is $2 and 50 cents. I think $42 50 cents is probably the destination.

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Pay close attention to the U S dollar because if it starts to lose value again, that in and of itself might be reason enough for silver to perhaps just break out to the upside on the other side. If we were to break down below the $37 level, then I think we're ready for a deeper correction. I still don't think I would short the market. I just think ultimately you have a market that eventually will go higher over the longer term as traders continue to wait for the Federal Reserve to cut interest rates. Central banks around the world have been collecting gold. And while that doesn't directly affect this market, it has a little bit of a knock on effect as gold rises, and so does silver. But at the moment, silver actually looks like it's leading a bit. I remain bullish. I don't want to short this market, but I would need to see a sustained break of about $40 perhaps the hourly chart to bite up here. On a pullback, I become much more interested once you bounce, and you form that V on the other side of the bounce I'm willing to get involved.

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