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Silver markets collapsed again after initially attempting to rebound on Friday as the $ 23 level is now starting to offer significant resistance. The silver market is very volatile and very sensitive to risk taking. In addition to this, you also need to watch out for the US dollar index as the US dollar has a strong negative correlation with this market. That being said, the $ 22 mark below is an important level of support to look out for due to the fact that it has been important more than once.
SILVER Video 09/20/21
If we fell below the $ 22 mark, it is likely that we will be looking towards the $ 20 mark, and possibly even below if there is enough time. This is all about economic expectations, so pay close attention to the economic numbers as silver is more of a “risk†material. Additionally, it has a lot to do with industrial demand too, so watch out for that too. Because of this, the market will build many correlations.
With the US dollar strengthening, this suggests there are concerns about global growth and, of course, risk taking. As long as it does, this will be a struggling market. In all honesty, I wouldn’t be surprised if that fell apart completely. We are in a huge area of ​​confluence when it comes to support on longer term charts. Soon we will have an answer as to where we are going next.
You can find an overview of all today’s economic events in our Economic calendar.
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