Silver Price Weekly Analysis – Silver Has a Horrible Run Over the Last Two Weeks

Silver Markets Weekly Technical Analysis

Silver has been all over the place during the week, breaking above $90 and breaking well below $70. Now it looks like it is settling somewhere near the $75 region towards the end of the Friday session.

That being said, this is a market that I think continues to be very noisy and very choppy. Now I think you are in an area that we are trying to sort out where to go next. All things being equal, this is a market that I think short-term traders continue to push things around and we have to ask the question of whether or not silver can continue to behave like this.

Acknowledging Gravity

I will say this: if the market closes the way it looks right now, this isn’t promising. At best, it might end up being neutral. Really I think that is what you want to see if you remain bullish of silver.

Markets eventually have to acknowledge gravity and that is exactly what’s been seen here. There has been just an absolute bloodbath in the last couple of weeks, and I suspect traders on both sides of the fence are getting hit hard.

Margin will become an issue, and of course, you need to be very cautious with your position size. I think that is the main takeaway here. Right now, it’s hard to be bullish, but maybe fading short-term rallies that show signs of exhaustion might end up being the way. If we continue to break above $90, that could change some things.