(MENAFN- Daily Forex)

• Silver has shown itself to be somewhat confused during the trading session on Tuesday as we continue to see a lot of noisy behavior overall.
• All things being equal, this is a market that I do think eventually will do whatever it can to go higher.
• We have to keep in mind that we have been in a significant uptrend for some time, at least until recently.

Recently, we've been more sideways than anything else, but the Friday candlestick ended up being rather strong considering that we had been so quiet previously. This of course had to do with Jerome Powell giving a speech where he acknowledged that the Federal Reserve was at least open to the idea of cutting rates, the first time he's ever said anything like that. That in theory could drive out the value of precious metals as it drives down the value of the US dollar, but we'll have to wait and see.

Silver isn't just a Precious Metal

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Silver is also an industrial metal. So, we do have to pay close attention to as the demand for silver comes from a lot of industrial applications. So, this is a little bit different than gold, but all things being equal, it does generally tend to follow the gold markets, which look fairly healthy as well. The technical analysis still suggests that we are going to go higher with a $37.50 level underneath is significant support and we have the 50 day EMA hanging around in that same region. If we can break above the $39 level, then it could open up the possibility of a move to the $40 level, which was the latest swing high. Short term pullbacks for me, continue to be buying opportunities in silver, but I would be cautious with my position size. Silver can really punish you when you're wrong.

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