Silver markets have gone higher this past week, then turned back, then went up yet again. Overall, this is a good indication that silver is ready to keep its upward trend, and therefore I believe it is worth watching the metal and whether or not it can reach a $28 level.
If it can break that mark, then it will likely continue to go higher. And it would be at that point, I would expect it to go toward its recent highs near the $30 level, which in the past has been a major resistance point.
The 50 day EMA is $25.80, and it suggests we will to continue to witness buyers underneath so I like the idea of buying the dips, but it’s important to know you cannot just jump in because some people are trying to pull a squeeze
To be honest, the silver market is much too big to manipulate, unless you are J.P. Morgan. But buying the metal when it is down and taking profits quickly is a good idea. These profits will probably come pretty quick, but I also see a lot of resistance at the $30 level.
If we go higher than $30 on any one daily close, that would change the game, and then I would expect the silver markets to take off for a huge move. It’s then that I would look for silver to go to historic levels like $50.