Silver Markets Have Volatile Opening for the Week
Silver markets have gapped higher to kick off the trading session on Monday as there are a lot of geopolitical risks out there, so therefore it is likely that we would see precious metals and other commodities jump into the picture as being desirable. This is especially true as we are starting to see plenty of “risk off” trading around the world, as the sanctions on Russia seem to be rather stringent, and we are even seeing the Russian central bank targeted.
SILVER Video 01.03.22
The 200 day EMA currently sits at the $23.88 level, and I think that is your short-term support. If we were to turn around a break down below there, then it is very likely that we see the market return to the overall consolidation that you can clearly see between the $22 level and $25.50 level. On the other hand, if we were to turn around a break above the top of the massive shooting star from last week when Russia invaded Ukraine, then it would obviously be a very bullish sign.
That of course would take a significant amount of effort, so be interesting to see how silver plays out over the next couple of days. Keep in mind that unfortunately at the moment we are moving based upon unpredictable external forces, and it is likely that the silver markets are going to be wild to say the least. Because of this, I would be very cautious, but I do look at this as a market that is range bound still, despite the fact that we have seen such a massive move higher initially.
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