Silver markets initially pulled back during Friday’s trading session, but found enough support under the reversal and rallied again. At this point, it makes sense that we could retest the highs of the past two days, and perhaps try to challenge the $ 24 level. That being said, you need to keep an eye on the US dollar because it has such a big influence on what happens with money. Paying close attention to the negative correlation is quite important, so be sure to do that.

SILVER Video 18.10.21

If we see the US dollar starting to collapse, that could be reason enough to send the money much higher. If we can get past the $ 24 level, it is likely that this market will experience some upward momentum as this is a major hurdle. By that time, the money will have fully recovered and will have formed a major reversal movement. That being said, it won’t necessarily be easy to get there, so we desperately need a boost.

What I like is that the market has had a lot of momentum in the previous two sessions and buyers returned to silver support during Friday’s session. With that, I think the money has a good chance of coming together, but we have to be very careful about the next $ 0.50 or so. Ultimately, I think the market looks more bullish over the past 72 hours than over the past few months.

For an overview of all of today’s economic events, check out our economic calendar.