By FXEmpire.com
The silver market shot straight up during the session on Monday, breaking above the $28 level that has been so resistant. Although not completely out of the woods yet, this is a very strong sign for buyers, and if you were more of an aggressive trader this is a good enough signal to get involved. After all, we do think that the silver market will continue higher eventually, but were waiting for the $30 level to get broken to the upside.
Because of this, we think that there are essentially two trades here: Either week for the $30 level to get broken to the upside on a daily close, or go ahead and buy now. The $28 level should start to act as support, and as such if you have a longer-term time horizon you may be comfortable going long at this point. It might take some time to get above $30, but once we do we think this market has quite a ways to go to the upside. In fact, we think 36 is more than likely a reasonable target over the next couple of months.
As for selling silver, we still won’t do it until we break below the $25 level. It is at that point in time that we feel that the moment and will have shifted, and as such we would like to be short of the market.
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Originally posted here
