Silver markets weekly technical analysis
The silver market has fallen a bit over the course of the week, but it looks like we may see the $30 level provide support again. All things being equal, this is a market that I think is still exhibiting a lot of noisy behavior. And it’s probably worth noting that the $32.50 level has caused a bit of a sell-off, as it is a big, round, psychologically important barrier and an area that is now in the midst of potentially forming a double is located at the top.
If we turn around and drop from here, the $30 level below could provide support, but if we break below that, then I think silver really starts to move down, perhaps to the $28 level. Overall, this is a situation where silver is still very noisy, but I do think this is driving upside overall as we are a nice range higher, and it’s worth noting that while We are in the middle of formation, a bit of a double top, we did get a little higher last time than last time, so technically we are trying to break out.