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 Thursday, silver fails to find acceptance above its 100-day simple moving average and moves lower. Breaking below the 38.2% Fibonacci retracement level should pave the way for more intraday losses. A persistent move above the $19.55-60 confluence will be interpreted as a bullish trigger.