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The $35.48 since level underneath had been previous resistance that has been touched again on the way back down. And now I think that's your short-term floor.

External Factors in Silver

Silver has a lot of external factors, not the least of which will be the US dollar, which strengthened during the day. So that might have been part of what's going on. Furthermore, European traders who had some gains may have taken the choice to simply flatten out going on a holiday in America. After all, the futures markets were closed for six hours on Thursday, not just the typical one.

So, with this I think you're probably looking at a value play on short-term pullbacks, especially as there are lot of concerns out that have people looking to protect their wealth. Silver is one of the ways they do that. If we were to break down below the $35.48 level, then okay, fine, we may drop to the 50-day EMA, but right now, I would say the buyers most certainly have control over the longer term, and therefore you need to keep an eye on any dips and looks at them as suspicious more than anything else.

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