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Posted Today 1H 12M ago
It's day 3 after the U.S. elections and of Silver being back above $50.. Looking at it in the pre market 2 hours before the opening bell.. Anything could happen later today but as of this moment buyer's are keeping Silver up at around $52. But it also looks like the rest of the market is going to have a Green day and that's always a positive tail wind for the metals.
Now looking at yesterday's action, starting with the trading volume on the futures market and SLV. Trading volume on the futures was the highest in the last 30 days and for SLV it was the 3rd highest trading day. The 2 other highest trading days for SLV were on the days Silver had big drops.
So yesterday's action was very meaningful in terms of the volume. Wether that means that trader's, institutions, banks are closing positions or jumping back in and buying again.
But it's still too early, 3 day's for a market reaction to play out is not unusual, sometimes a little more, followed by some consolidation.
At this point I think there's too much damage already done and nothing but talk right now. I don't think that's enough motivation to get Silver to break back above $55 right now so I think the direction eventually continues down.
Can the market Hold steady and move sideways to upward until January? Absolutely. Could Silver keep moving sideways and chipping away at $54? Yes.. I've seen markets rally when they should be crashing, and crash when they should be rallying, the market is completely irrational sometimes.
If however there were some real End to the overseas conflicts, the straight opens up, and / or we see some peace between Ukraine Russia for example, that sorta stuff could spark a rally that could break through $55 like a bulldozer. That maybe what it's waiting for?
We have to wait and see.
Now looking at yesterday's action, starting with the trading volume on the futures market and SLV. Trading volume on the futures was the highest in the last 30 days and for SLV it was the 3rd highest trading day. The 2 other highest trading days for SLV were on the days Silver had big drops.
So yesterday's action was very meaningful in terms of the volume. Wether that means that trader's, institutions, banks are closing positions or jumping back in and buying again.
But it's still too early, 3 day's for a market reaction to play out is not unusual, sometimes a little more, followed by some consolidation.
At this point I think there's too much damage already done and nothing but talk right now. I don't think that's enough motivation to get Silver to break back above $55 right now so I think the direction eventually continues down.
Can the market Hold steady and move sideways to upward until January? Absolutely. Could Silver keep moving sideways and chipping away at $54? Yes.. I've seen markets rally when they should be crashing, and crash when they should be rallying, the market is completely irrational sometimes.
If however there were some real End to the overseas conflicts, the straight opens up, and / or we see some peace between Ukraine Russia for example, that sorta stuff could spark a rally that could break through $55 like a bulldozer. That maybe what it's waiting for?
We have to wait and see.
Edited by Harry213
Today 1H 11M ago
Today 1H 11M ago
