Silver looks primed for short-term rebound

Market sentiment has been taking a hit of late, with equity markets on the wane to the benefits of haven demand. Interestingly, we have started to see assets such as Bitcoin and precious metals doing well in the face of dollar strength, with the sheer size and growth of US debt raising questions around sustainability. The haven role of the dollar looks somewhat less convincing with their debt increasing so rapidly. Silver looks to potential come back into favour here, following a pullback into trendline support. The wider trend has started to reverse in a move that could bring a bullish phase into play. The current push we are seeing through 23.015 does point towards a resurgence from here, with a break back below the recent 22.624 support structure required to bring about expectations of a deeper pullback. Until then, a bullish intraday outlook holds for silver.