Silver Weekly Price Analysis – Silver Continues to See Volatile Moves

Silver Markets Weekly Technical Analysis

The silver market gapped lower to kick off the trading week, and although we’ve seen a few bounces here and there, the markets continue to look as if interest rates are going to be a problem. This is the pattern we have been in for some time, and I don’t see that changing.

That does make a certain amount of sense, considering that rates are high anyway, and it seems like every time we break above the 4.30% level in the 10-year yield in America, silver pays the price.

Middle East Tensions and Market Outlook

This is driven mainly by the idea of the Middle East not calming down enough. While we aren’t seeing massive explosions everywhere like we were, we are seeing the Iranians and the Americans be increasingly stubborn, digging their heels in when it comes to negotiations. And that has traders on edge.

When you look at the totality of the chart, though, we are still much higher than we were six months ago, so I do believe that we’re in an uptrend. It’s just that the situation in the Middle East will continue to put a little bit of a pause on what could have been a ferocious rally.

I think, given enough time, though, we have to look at this as a market that will be a buy on the dip scenario, and therefore, I look at a couple of levels, mainly $70, as being your short-term floor. This should continue to be a major level for traders around the world to pay attention to.

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