Silver Sellers Prevail in a Ranging Market

Silver is still bearish but we could see ranging market conditions until it breaks the range (blue lines).

This is consolidation playing out. If the market gets to the POC zone 26.20-26.43, expect a possible drop. Targets for the silver move are 25.12 and 24.77. The final target is 24.46. Sellers are still dominating and this short trend prevails in 2021. Only above 27.31 we might expect trend change but at this point selling the rallies is the best option.

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Cheers and safe trading,

Nenad