Technical Analysis and Market Outlook
Ultimately, this is a market that I think is going to remain very choppy and very noisy. And if we can somehow break above the $80 level, it could show a significant shift in the attitude of the market. At that point, we could be looking at a move all the way to the $90 level like we had seen a couple of weeks ago.
If we fall from here, the $70 level continues to be important. It is at a massive support level, and of course, we have the 200-day EMA sitting just below there offering support as well.
All things being equal, this is a market that I think continues to see a lot of back and forth. I don’t necessarily know that we have any great breakout coming, and that does make a certain amount of sense considering that the silver markets are paying close attention to the scenario in the Middle East and what that could have to do with energy inflation, things like that, to keep the central banks around the world fairly tight.
Ultimately, this is a market that is somewhat stuck. So, with this, I think back and forth trading probably remains the case between $70 and $80 in the short term. This could lead to short-term trading opportunities.
