The white precious metal gapped higher to kick off the session recently. However, the metal gave back the gains almost immediately, as the market crashed into the 50 day EMA again.
The silver market ultimately has plenty of support underneath. At this point in time, it is quite likely that one will continue to see buyers underneath near the $24 level, even when it is possibly down at the $22.75 level. The area has garnered support in the past and is likely a matter of time before buyers show up in that area. Furthermore, there is also the 200 day EMA near the $21.70 level. With all of these facets, the market would find plenty of buyers underneath to get involved.
Moreover, the silver market eventually finds reasons to go higher, if for no other reason than the fact that central banks out there would continue to flood the markets with liquidity. People would continue to find reasons to go long regardless of anything else that is going on.
Another facet of the white precious metal is the industrial component that is built into it. The facet is significant, because if the economy slows down then gold would probably outperform silver again.
Even so, the two markets tend to move in the same direction, and experts consider that eventually, the metals could look towards the $26 level above, and then possibly even breakout above there. All things being equal, the silver market may continue to offer values on dips.