Silver Price Analysis – Silver Continues to See Choppiness in Global Confusion

Silver Technical Analysis

While the silver market is a precious metal, it doesn’t get the same type of safety bid as gold, for example. We did fall to the $80 level pretty quickly, only to turn around and show signs of life again. At this moment, it looks like we are starting to find resiliency yet again near the 50-day EMA and, oddly enough, this is a market that looks like it’s going to do nothing with the information that was presented to us over the weekend as the war in the Middle East escalates.

Silver, at this point in time, is probably just trying to find its next move, and therefore, it’s very difficult to get overly excited about it. Unfortunately, I get emails every day from retail traders that are stuck in silver positions, and I think that continues to be the case because they’ve got horrific losses that are unrealized but will be if we drop significantly from here. This is a dangerous place to trade at the moment.

Market Levels and Potential Outcomes

In the next couple of days, I would not be surprised at all to see a lot of volatile choppiness, but real trading is probably thought to be between the $70 level and the $90 level. We are sitting right here on a major area of interest in $80, which I think for the most part is offering fair value, so this looks sideways to me at the moment, as traders are trying to get a handle on so many different things going on at the same time.