Silver Weekly Price Analysis – Silver Continues to See Volatility

Silver Weekly Markets Technical Analysis

The silver market has shown itself to be very noisy during the trading week, as we touched the $90 level as well as the $80 level. It looks like we are going to finish somewhere in the middle of it, so I think all things being equal, this is a market that remains very difficult.

Overall, this is a scenario where people are trying to push silver higher because quite frankly, they want to continue the overall uptrend, but I also recognize that the US dollar has been strengthening and that has put downward pressure on silver over the last few weeks.

Market Resistance and Geopolitical Influence

If we were to break down below the $80 level, then it opens up the possibility of a drop down to the $70 level. I think the $70 level is the floor in the market right now and if we were to break down below there it could unleash quite a bit of selling pressure.

Silver continues to see a lot of pressure not only from the US dollar but higher interest rates in America, and of course, a lot of concerns when it comes to geopolitical events, and while silver can be used to protect wealth, it plays second fiddle to the gold market, so don’t forget that. I think we continue to see a lot of volatility and a lot of sideways action in general in this market, at least until we get some type of clarity when it comes to the US dollar and perhaps more importantly, the world and the war that we are seeing heat up again.

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