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I am firmly bullish on this wave of silver market in the long term. The target is still set at $100, and this expectation remains unchanged.
In the short term, the trend is also solid. As long as the price can stay along the 5-day and 10-day moving averages, the bullish sentiment remains. If the price breaks below these two lines, it basically indicates that an adjustment phase is coming. Recently, it’s worth noting that the world’s largest silver ETF has increased its holdings, adding over 530 tons in the short term. From market sentiment to capital flow, everything is boosting the bulls.
On the trading front, I mentioned last week to reduce positions in low-level long positions. The current strategy is to hold onto them; if the market pulls back, buy the dips; if it continues upward, stay with the current positions without moving. Recently, intraday volatility has been particularly fierce. Short-term traders should remember one principle: focus on buying low and avoid chasing highs, this is very critical. Only when the market truly weakens should you consider shorting opportunities.
If you are holding physical silver, my advice is simple—just hold it and don’t fuss around. That’s the easiest way to keep things simple.
For intraday short-term trading, you can refer to these key levels for flexible operation:
Support levels from bottom to top: $62-$62.5, $64-$64.5, $66.5, $68-$68.5, with the most recent support at $70.5-$70.
Resistance levels from bottom to top: $74-$74.5 as the first barrier, then $76.5-$77, and $79.5-$80.