During the trading week, silver attempted to retreat slightly, but then exploded higher as it appears we are attempting to liquidate a massive block of orders above.
Silver has gapped higher during Monday’s trading session, as we continue to observe a great deal of erratic behavior in general after a tremendous increase.
On Tuesday, silver initially attempted to advance, but above $22 it has remained extremely resistant to further upward pressure.
Monday’s trading session began with a retracement in the silver market, but the metal’s price has since recovered.
Tuesday’s trading session witnessed a modest rise in silver prices despite the persistence of erratic market activity. Ultimately, I believe this market is trying to determine whether or not $18 is the bottom.
As we approach the 50-day exponential moving average, the silver market fell during Thursday’s session.