Silver markets weekly technical analysis
The silver market initially recovered quite significantly during the trading week, but once again found resistance around the $35 region. Thus, we eventually fell to the $32.50 level, which is of course an area that has been important more than once in the past. This brought back a certain amount of market memory, and we were still there on Friday. The question is: what happens if we collapse down there? If we do that, we could see this market drop to roughly $31, I think, before buyers really start to get aggressive again.
We recently broke above that $32.50 level a few weeks ago, and now we are testing it to see if it holds. So far, it seems like it’s trying. Keep in mind that silver is extremely volatile, so you will have to be careful with your position sizing, but the trend is certainly upward. It tends to move based on interest rates, geopolitics and the US dollar, and of course gold can also influence silver, so keep that in mind.