- Silver initially did try to rally a bit during the trading session here on Thursday but really could not hang on to the gains as the 48 dollars level continues to be a very difficult market to break above.
- With that being said, I think you have a situation where this sell off did the market some good but it's also possible that we have further to go and we'll just have to wait and see.
I would love to see the $45 level tested. We'll have to wait and see whether or not that can happen. When you drill down to the hourly chart, it really shows itself as being extraordinarily negative. But now it looks like $46 is trying to hold after a plunge like we saw in the early part of the day. To be honest with you, I would expect a little bit of follow through.
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All things being equal. I don't necessarily think this is a market that you're looking to short. I think this pullback is healthy. The market, I think given enough time, we'll try to find value somewhere at a lower level and I want to be involved in this market when it bounces. I want to see a drop and then rally a bit so I can be on the right side of the V shaped pattern.
When you look at silver, can see that it's been straight up in the air for the most part since late August. So maybe it is time to give back a little bit of those gains. Well, to wait and see, but $45 for me is a very interesting place to be. If we break the $48 level between now and then, it could open up a move to the $50 level. But remember $50 has been attempted twice in the past and both times it was a major issue going back to the seventies. We've seen $50 act as a very difficult barrier.
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