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Silver markets broke down a bit during the trading session on Thursday, slicing through the one $16.60 level. It looks likely that we are going to go down to the $16.50 level to find support. I believe that this market is going to continue to react to headlines more than anything else, and I also believe that the tension between the US and China calming down will continue to put downward pressure. However, I think that longer-term we will find buyers, so I am personally waiting for lower pricing in a bit of a bounce to take advantage of value.
The market should be rather noisy, but I think that we will eventually go to the $16.80 level, and then the $17 level after that. In general, I believe that the market will go looking towards the $17 level, but it might take some time to get there. Buying value is the best way to play these precious metals markets, and I think that Silver continues to be one that offers not only short-term trades, but also the ability to invest in, as I have been buying a lot of physical silver over the last couple of years. Longer-term, I believe we will go looking towards the $20 level, but I think that ultimately, we will have a significant amount of volatility, so therefore you should keep your position size small, or physical so that there is very little in the way of leverage. Patience will reward those who can show it.
SILVER Video 13.04.18
This article was originally posted on FX Empire