Silver Markets Threatening Breakout of Trendline

Silver markets have shown themselves to be rather bullish, breaking above the $24 level handily during the trading session on Wednesday, when you look at this chart, you can see I have a downtrend line drawn that we have now broken above. That is the first sign that we may go much higher, perhaps aiming towards the $25 level next. Obviously, a bit of fear has entered the markets and commodities are getting a bit of a spike as a result.

SILVER Video 24.02.22

All of this being said, the $25 level should offer a lot of psychological and structural resistance, as we have seen the market bounce into that level multiple times, only to turn around and breakdown. At this point, we need to break above the $26 level to see a true breakout in the silver market, but quite frankly silver has a lot of problems, not the least of which will be the fact that J.P. Morgan keeps getting caught manipulating the market. With this, I believe that the longer-term play is more geared towards gold and less towards silver, as it makes sense that we would see this market do fairly well, but more real estate covered in the gold market.

As things stand right now, as long as we can stay above the $23.50 level, then silver should do fairly well. If we break down below there, then it is likely that we go looking towards the $22 level underneath. That is an area that has been massive support more than once.

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