Silver Markets Crash in Risk Off Trading
Silver markets fell to kick off Thursday’s trading session to initiate a selloff. That being said, the market is likely to continue to see strong selling pressure due to the fact that there is a general “risk off” type situation and this of course will not be conducive to the good run of the money. For this reason, I think anytime we get a short-term rally, we need to look at it through the lens of market selling in order to take advantage of the general risk appetite malaise. When you look at the longer term chart you can see that we are forming a bit of a descending triangle, and now it looks like we are ready to go down the range.
SILVER Video 28.01.22
The $22 level below is of course an important support level, as you can see from several attempted breakouts. That being said, the market is likely to test this area and of course recognize that there is a lot of noise up to the $21.50 level, creating a “zone” of support in this general area. All things being equal, this is a market where we will likely continue to see any short-term rally sell off, as the silver market tends to be much more volatile than its cousin the silver market. gold. If the US dollar continues to strengthen, silver will be hammered.