Silver Markets for Massive Shooting Star

Silver markets have rallied rather significantly during the course of the week, especially as Ukraine was invaded by Russian, but this is a market that has turned around quite drastically as it looks like the kinetic war will not expand beyond the Ukraine borders.

Silver markets rallied significantly during the week, especially as Ukraine was invaded by Russian forces. However, this market turned around quite drastically as it now appears that the kinetic war will not expand beyond Ukraine’s borders. Furthermore, the sanctions that the West levied on Russia were somewhat mild, suggesting that they are essentially willing to give up on Ukraine and that we should not see any further major problems.

SILVER Video 28.02.22

It is important to note that the silver market was simply following the gold market in a flight to safety, but I believe that many of the people left holding the bag near $25.50 are likely retail traders. Silver is not a major alternative to gold in the safety trade, so even though gold also pulled back drastically, silver is going to fall much further. At this point, the market is likely to head toward the bottom of the overall range, perhaps eyeing the $22 level below. If all things remain equal, the metals market seems poised to pull back, and silver should be even more aggressive to the downside.

If we do rally to the upside and break above the top of the shooting star, it is likely that we could go searching toward the $28 level. That would obviously be in some type of massive panic, so I think at this juncture it is highly unlikely to see that happen. If we do break down below the $22 level, there is about a $0.50 barrier there that we have to slice through in order to go much lower.

This article was originally posted on FX Empire

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