Silver markets chomped around quite a bit during the day on Wednesday, as we continue to meander just below the $16 level. As the market looks like it’s tightening up, I think a lot of this is going to come down to what Janet Yellen says. So far, she is suggested in front of Congress that interest rate hikes are coming, but they may be slower than originally thought. Because of this, Silver markets have rallied a bit, but I think it’s not until we break above the $16.15 level that I think we will then go looking for the $16.50 level. Alternately, if we break down below the $15.75 level, the market should then go back down to the $15.50 level. Ultimately, this is a market that is going to be volatile, but I should admit that it is less than impressive, the way we have reacted. I am ambivalent when it comes to silver. Ultimately, the market is probably best left alone, but I suspect that if we do breakdown, we could go below and start testing the $15 level which of course is massively supportive due to the large, round, psychologically significant nature of the level. Currently, I believe that Silver is bearish, but I don’t necessarily feel that it’s necessary to play this market. Longer-term, I think it’s a market that will give a nice buying opportunity for investors, but I would be very leery of using any leverage whatsoever.

SILVER Video 13.7.17

This article was originally posted on FX Empire

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