The silver markets rose during the course of the week, clearing the $17 level. We still have a bit of resistance above and as a result it's going to be difficult to go higher. Any pullback at this point of time should see plenty of support, especially near the $16 level as it has been so supportive in the past. We
expect a lot of volatility and as a result longer-term traders may actually want to start buying physical silver.
Forecast :
The silver markets tried to rally during the session on Thursday, but struggled above the $16.50 level. With that, we ended up forming a shooting star, and as a result it appears that the market is going to drop from here. However, there is so much noise between here and the $15.50 level that it is almost impossible to imagine any selling opportunity at this point of time, we recognize that this is going to be a market that offers a buying opportunity given enough patience. As of now we are on sidelines.
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