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The silver markets initially tried to recover during the week, but collapsed under the hammer of the previous week. Because of this, silver looks like it’s on the verge of collapse. Moving below $ 24 in silver would be catastrophic and send this market down a lot. Keep in mind that it has now broken below the 50 week EMA so of course this has its own negativity as well. Ultimately, I think we’re looking at a scenario where the market is ready to collapse pretty drastically.
SILVER Video 08/09/21
We have just broken the bottom of an ascending triangle. So if we don’t recover quickly, this is a market that many technical traders will also be in. Silver has long been manipulated by a handful of big banks, so one would have to wonder if they would ever let it get too big or not? However, if we reversed and hit the top of the candle at $ 26 it would be extremely bullish as it would mean continuation of the massive buying pressure. I don’t necessarily expect that to happen, so I wouldn’t be holding my breath to do it.
It is more likely than not that we will see short term traders step in every time they show the slightest exhaustion and the rallies fade as this move is sure to have a lot of people suddenly underwater. As long as it does, the market will be the scariest to say the least.
You can find an overview of all today’s economic events in our Economic calendar.
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