Silver markets rebounded again during Thursday’s trading session as we hit the crucial $ 24 level. This is an area that is gaining a lot of interest, so it will be interesting to see whether or not we can continue to go up. The $ 24 level offering a bit of resistance is what I would expect, but the reality is that we will more than likely have a pretty choppy demeanor. For the next 24 hours it is very likely that we will see a lot of noise, due to the fact that there is a lot of attention being paid to the work number that comes out early Friday morning. Having said that, I think you continue to see a lot of loud behavior.
SILVER Video 05.11.21
Looking at this chart you can see that the level of $ 23 below is support so if we pull back I expect that level should keep the market somewhat afloat. If we were to go below that level, then I think we start looking at the $ 22 level, which of course is a big, round, and psychologically significant number that a lot of people will pay close attention to. It’s also the bottom of a major consolidation area going back several months, so I think we’re looking at a scenario where we need to keep the idea of that as massive support behind the back of your head. If we were to go below $ 22, it would be catastrophic for this market. On the upside, the $ 25 compensation allows this market to recover quite significantly.
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This article originally appeared on FX Empire
