The silver markets fell a bit during Tuesday’s trading session as we continue to see a lot of volatility in this market. Honestly, the US dollar is going to have a lot to say about where we are going next, so you need to pay special attention to the US dollar index as it has such a large negative correlation with what is happening to silver. Additionally, due to the many supply chain issues, we need to pay close attention to whether there will be demand for silver or not.
SILVER Video 13/10/21
The $ 22 mark below remains an area that a lot of people are paying attention to, and I think that will continue to be the overall floor of the market for the short term. If we break down there we will look to the recent low of $ 21.50 and maybe even below. Regardless, I have no interest in buying this market until we hit last Friday’s highs in what was the “knee-jerk reaction” after job numbers were so disappointing. With that being the case, I think it’s only a matter of time before we see any major move, but right now it doesn’t look like silver is ready to go anywhere.
For the value it is worth, you should also realize that the gold market was also very compartmentalized. With that in mind, it looks like we have nowhere to be, once we get some kind of impulsive candle we could have a clearer picture of where we are going in the longer term.
You can find a look at all of today’s economic events in our Economic calendar.
