Silver Markets for Massive Exhaustion Candle During the Week

Silver markets have initially tried to rally during the course of the week, reaching towards the $27.50 level before pulling back. By pulling back in the way we have, we have ended up forming a bit of a shooting star. The shooting star of course is a very negative candlestick, so if we break down below the bottom of it, which just happens to be the $25.50 level, then we could break down from there.

SILVER Video 14.03.22

Keep in mind that silver is a highly manipulated market and therefore it is not a huge surprise to think that perhaps the banks are starting to sell into the futures markets. It happens every time we get a bit too close to the $28 level, so it is not exactly out of the realm of possibility. That being said, there are a lot of concerns about supply at the moment, not only from silver but from pretty much everything. There is the possibility that we finally take off to the upside, but I suspect there is probably more of a chance of gold breaking out than silver for a huge move.

If we break down below the $25.50 level, then I anticipate a move down to the $24 level. Breaking down below that area then opens up a return to the $22 level. On the upside, if we were to somehow break above the $28 level then we will almost certainly go looking towards the $30 level, which is where I see an even bigger amount of resistance. Breaking above that would be a huge accomplishment, but I would not hold my breath for that anytime soon.

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