Key Support Levels and Technical Targets
The $70 level is a large, round, psychologically significant figure and an area that I think ultimately will end up being a bit of a floor. The 200-day EMA underneath there offers quite a bit of support, and I think it is essentially where you are looking for extreme value that people might take advantage of.
To the upside, we have the 50-day EMA at the $77.69 level, and then after that, the $80 level, I think, is your next target. This would take a lot of effort, but it is a possible outcome if we get a bit of a helping hand in the bond markets.
Ultimately, this is a market that I think continues to be very volatile. I think it continues to chop around quite a bit as we have a lot of different things moving at the same time. The reality is that it’s a short-term trading market. We don’t have longer-term moves available to us, at least until we get the situation in the Middle East resolved, and right now, I just don’t think we’re that close. So, I would not be surprised at all to see silver just stay in this $10 range for a while.
