Key Technical Levels and Market Outlook
If we do rally, the $80 level I think ends up being a bit of a barrier. If we can break above there, then $90 could open up as a potential target. Regardless though, even if we fall, I think $70 is probably an area a lot of value hunters would return.
After all, silver has a huge problem when it comes to supply. Right now, though, the big thing that’s working against it is the shock in the bond market, the higher interest rates. As long as that’s a thing, I think it causes some issues, but ultimately, a lot of back and forth I think is what we’ll see heading into the weekend. I just don’t see people putting huge positions on with all of the headline risk that could happen at any given moment.
