Silver experienced a small pullback during Monday’s trading session, but buyers quickly stepped in, turning the market around as they saw an opportunity to buy 'cheap silver.'
If silver can build up enough pressure to break through the resistance level, the next significant hurdle will be the $27 level. The momentum behind the market is strong, but the market needs to attract enough buyers to maintain the upward trend. Short-term pullbacks could be expected, but the overall trend is upward.
The US Dollar has a negative correlation to the silver market, but it is not the only factor affecting the market.It is essential to pay attention to industrial demand, which can influence the market, as the global economy slowing down may result in a drag on silver demand.
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