Silver markets initially pulled back during the trading session recently. However, the market then turned around to break much higher. At this point, it looks as if the market will go looking towards the upside and touch the $28 level. Moreover, the precious white metal market will be driven and highly influenced by the reopening trade and, of course, industrial demand because the precious metal is an industrial metal.
Furthermore, the 50 days EMA underneath should offer support, quite like the last couple of weeks, so it certainly looks like the market is trying to go to the upside. The $28 level has seen a considerable amount of selling pressure, which is where it was pulled back. Experts believe that if it can break above the $20.10 level, the market may go towards the $30 level where one had seen a massive barrier. Plus, breaking above allows several to go much higher.
However, on the other end, experts observe that if it is pulled back in a break down below the 50 days EMA, at that point, the market would more likely go looking towards the 200 days EMA, which is closer to the $24.55 level. With all things equal, the market is in an uptrend for quite a few multiple reasons, and hence it will make little sense to short this market at all. Experts also highlight that short-term pullbacks will continue to be potential buying opportunities. The size of the candlestick recently is a very bullish sign, and it seems like it will simply proceed higher based upon that.