Silver markets have a volatile open for the week

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Silver markets widened their spread to kick off Monday’s trading session as there are plenty of geopolitical risks, so it’s likely we’ll see precious metals and other commodities emerge as desirable. This is especially true as we are starting to see many “risk free” transactions around the world, as the sanctions against Russia seem to be quite strict, and we are even seeing the Russian central bank being targeted.

SILVER Video 01.03.22

The 200-day EMA currently sits at the $23.88 level, and I believe that is your short-term support. If we were to reverse a breakdown below, it is very likely that we would see the market return to the overall consolidation which you can clearly see between the $22 level and the $25.50 level. On the other hand, if we were to reverse a break above last week’s huge shooting star top when Russia invaded Ukraine, then that would obviously be a very bullish sign.

Of course, that would take a lot of effort, so be interesting to see how the money plays out over the next few days. Keep in mind that unfortunately right now we are moving based on unpredictable external forces, and silver markets are likely to be wild, to say the least. For this reason, I would be very cautious, but I view this as a market that remains range bound, despite the fact that we saw such upside movement initially.

For an overview of all of today’s economic events, check out our economic calendar.

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