(MENAFN- Daily Forex)

• Silver rallies again during the trading session on Friday, as we have now broken above the crucial $48 level.
• Now that we have cleared the psychological level, it does open up the possibility of a move to the $50 level, which is a large, round, psychologically significant figure, and short-term pullbacks will more likely than not end up being a buying opportunity.

The $47 level is likely to continue to be short-term support, and if we break down below there, we would then start to test the $46 level, possibly even the $45 level. The $45 level will be massive and its implications, and therefore I think if we can stay above there it's a very bullish turn of events. In that environment, I think you have to look at each and every short-term pullback as a potential buying opportunity, as silver is still bullish. Ultimately, I think there are a lot of concerns right now about interest rates being cut, and that might continue to help silver Usage

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There is also a new reason to drive silver higher, the fact that we have so much in the way of potential demand from AI data centers, because it turns out that silver is part of the equation. In other words, we may get a little bit of a mania at this point in time, but I don't know how comfortable I am to simply chase silver to the upside. That being said, obviously you cannot short silver, and demand for silver will probably only increase. However, history has not been kind to silver every time we got near this area, so it'll be interesting to see if“this time is different.”

Ultimately, this is a market that I think has plenty of support underneath it so you have to look at any dip as a potential buying opportunity in a market that quite frankly has astounded most traders. Volume is heavy, which is a good sign, but it's not necessarily a guarantee that we are going higher. I have to think that there are a lot of people out there trying to drive this thing to the $50 level.

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