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Silver: Drops Sharply as Fed Stays Hawkish
The silver market continues to see a lot of volatility as we have plunged yet again during the Thursday session, mainly due to the fact that the Federal Reserve is expected to stay tight for longer than anticipated. This is something that brings in a lot of strength when it comes to the US dollar, and of course silver has a major negative correlation to that asset.The technical analysis for this pair is starting to shift quite drastically, as it had been very strong, but now we are starting to ask questions about the previous consolidation region that was very important. That being said, I think we have a situation ... (full story)
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The $3200 level below is a massive support level, just as the $3500 level above is a massive resistance barrier. There is what I considered to be an “inner consolidation area” between the $3300 level and the $3400 level. So, in other words, I think there are plenty of places to see a lot of noise and choppiness, and unless we put some external pressure on ...
