Silver attempting to push away from $36

Silver attempting to push away from $36

by Trader Dan

The session is still young but the silver bulls finally appeared to have beaten back the defenders at $36 on good volume. Bears are attempting to stymie the move higher by digging in near $36.50. When the market dipped earlier and fell below $36, the selling dried up and the shorts were forced to cover.
That has emboldened the longs who are pushing and attempting to now take out the last refuge of the shorts here. A strong push through $36.50 sets the market up for a run towards $40 with initial resistance standing near $37.20 – $37.30.

If the market is going to break out it needs to hold $36 on any possible setback in price now that it has cleared that level.

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This entry was posted in Silver, Technical Analysis, Trader Dan's Market Views. Bookmark the permalink.

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