Silver markets barely moved during the Monday session as the market was fairly quiet overall. With few headlines to push the panic button, there was in a rush into the precious metals market during the trading day. As the markets, and especially these precious metal markets, have been reacting purely to headlines lately, there really was no reason for anyone to buy or sell.
In our opinion, the $25 level is massive support and if it were to give way would signal a fresh round of selling perhaps down to the $15 level. Alternately, we feel that $30 is massive resistance, and that would need to be overcome to see massive bullishness in this market. In the meantime, we feel that we are simply going to bounce around in the present area and therefore aren’t that interested in this market.