(MENAFN- Daily Forex)

• The silver market initially fell during trading on Thursday but found enough support at the crucial $37.50 level to turn things around and show signs of life again.
• Ultimately, this is a market that is bullish from a longer-term standpoint, but we have a lot of things out there that continue to cause quite a bit of chaos when it comes to risk assets, especially assets that are so far out on the risk spectrum as silver is.

Technical Analysis

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Looking at the technical analysis, silver has been bullish for some time, but recently we've seen a little bit of sideways action as of late. This isn't to say that we are weakening, I think part of what we are seeing is a lack of volume, and then because of this we will have a significant amount of confusion at the moment, and I think basically what we are doing is waiting to see whether or not we get some type of external pressures or announcement that could send this market higher. In fact, we have Jerome Powell speaking from Jackson Hole, Wyoming on Friday during the Jackson Hole symposium that could move the US dollar and therefore move silver as there is such a huge negative correlation between the 2 assets.

The 50 Day EMA sits at the $37.23 level, an area that is very important to watch, as it was the beginning of significant resistance previously. With that being the case, I think you've got a situation where traders will look at this through the prism of a market that is simply waiting for information, but over the longer term, the market is still bullish despite the fact that we have been hanging about. If we were to break down below the $36 level, then perhaps we could have a different conversation, but right now I look at this as a market that is likely to go higher over the longer term.

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