Silver is currently trading near a psychological level of $24.00. Given the current price structure, $20.00 silver will hold firm. As I said in previously, any pullback in price will be seen as a buying opportunity rather than selling. The Fed made it clear that they would start the tapering process. Currently, there is a slow recovery process coming out of the pandemic, so the Fed is very cautious not to slow down recovery. Now, the economic recovery faces a supply logistics problem, and there isn’t much the Fed can do about that. So, silver will continue to shine. Anything over $30.00 would probably be overpriced in the near term, and anything below $20.00 is way cheap. So short range that the market will stay in for the rest of the year.

From a technical perspective, as seen per the weekly chart price structure attached, near term lows are in. Call me or email me if you want to get involved in the current silver market.

Silver Weekly Chart
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Eli Tesfaye

Senior Market Strategist
Eli started his career in the futures and options market while he was in graduate school finishing up his MBA in 2003. Eli specializes in Automatic trading strategies and systematic options trading strategies in futures market. He has been Series 3 license holder since 2005. Eli's is an avid reader, runner, and yoga practitioner.
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