Silver Pulls Back but Finds Buyers Again
Wealth preservation is a huge part of what is going on in the silver market. However, gold is generally preferred for this type of action. Silver tends to follow gold over the long term, so traders need to keep that in mind. The $26 level above is a significant barrier, and traders need to pay close attention to it as we have seen historical action in this area previously.
On the other hand, if the market were to go down to the $24 level, there is a lot of support underneath that level. This area was the epicenter of a major consolidation area several months ago, and the market has been very noisy in that area. This suggests a certain amount of order flow waiting to get involved in that area.in the market. Traders can expect to see a lot of upward pressure, and buying on the dips is likely to be the best way to play the market over the longer term.
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