Silver markets has initially drifted a bit lower during the trading week, but then turned around to break over the heights in the last few candlesticks. Because of this, it’s a bit of a breakout, and it suggests we could look at the $ 24 level again. It is an area that being broken above will bring even more money into this market. When I look at this chart, it’s very obvious that the $ 22 level is trying to offer a bit of a floor in the market, and now that we’ve broken back over it, it’s indicating that we’re recovering.
SILVER Video 18.10.21
Pay close attention to the US dollar, because if it starts to fall a bit, it will definitely help silver. It’s interesting at this point, because it looks like it’s about shorting the financing currencies, which means the dollar and the yen are both being hammered. The only exception where we see a little bit of strength in the US dollar is the euro, but the EU is its own mess. That said, silver will definitely go against what is happening with the greenback, and the move this week was obviously a very positive event.
With that in mind, all eyes will be on the $ 24 level. If we can break over there, the market will probably go much higher and even reach as high as $ 28. But if we were to turn a break down under the hammer a few weeks ago, the bottom could follow out of this market and silver much lower.
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