Silver Forex Forecast 06/03: Price Hovers Near $80 (Chart)

(MENAFN- Daily Forex)

Silver continues to be very noisy as we initially did try to rally during Thursday but have given those gains back to fall to the 50-day EMA.

The 80 dollars level sits just below there, and I think you have a very real possibility where traders are going to try to defend that area.

I also recognize that the markets will continue to be very noisy and while there is a certain amount of argument to be made for traders running to safety in the form of metals, typically, that metal will be gold and therefore I am not as interested in silver.

Longer term there is probably a lot of demand out there for silver that cannot be fulfilled, so that does provide a little bit of a natural rally but with so many issues out there with risk appetite and the fact that the US dollar continues to find bids, it is going to be difficult for silver to truly take off.

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I think if we break down below the 79 dollars level, it opens up a move all the way down to the 70 dollars level. I do not know if that is going to be the case, but it clearly is going to be a potential outcome.

With this, I am looking at this market through the prism of perhaps trying to buy dips in short-term moves, but I do not have any interest in trying to get too cute and jump in with a huge position.

I think you have to be very careful with the silver market, which is typically the case anyway, but that is especially true now in this environment that we have seen so much trouble with.

Ultimately, I think it becomes a short-term trader’s market where people look for a little bit of value and try to take advantage of it, but the volatility alone will dictate that you need to keep your position size very small.

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