The silver market has pulled back a bit to break down below the 50 day EMA, only to turn around and show signs of life. All things being equal, this is a market that I think continues to see a lot of noise, but I also recognize that there is quite a bit of support just below that could come into the picture, and then again at the crucial $30 level.

The $30 level, of course, is a large round psychologically significant figure, and it's an area where a lot of people will be paying close attention. I think at this point, that is more likely than not going to be a floor in the market. This will be especially true if the 200-day EMA continues to race towards there, and it's probably worth noting that the stochastic oscillator is starting to roll over in the oversold region. If we turn around and break above the $32.50 level, it's likely that the market will go looking to the $35 level.