Silver markets edged down during Tuesday’s trading session as we continue to see a lot of volatility in this market. Quite frankly, the US dollar will have a lot to say about the next step, so you need to pay close attention to the US dollar index because it has a huge negative correlation with what’s going on with silver. In addition, we have to be very careful whether or not there will be a demand for money due to the fact that there are so many supply chain issues.
SILVER Video 13.10.21
The level of $ 22 below continues to be an area that a lot of people are paying attention to, and I think it will continue to be the overall market floor in the near term. If we fall below that level, we’ll head to the most recent low at $ 21.50, and maybe even lower than that. Anyway, I have no interest in buying this market until we hit the highs last Friday which was the ‘gut reaction’ after the number of jobs was so underwhelming. . Having said that, I think it’s only a matter of time before we see a bigger type of move, but right now it doesn’t look like the money is ready to go anywhere.
For what it’s worth, you also have to recognize that the gold market has been very limited as well. With that in mind, it looks like we still don’t have anywhere to go as soon as we have some kind of impulse candlestick, we might have a clearer picture of where we are heading in the longer term.
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