Silver is sitting at a massive support level

New York (Sept 28)  The silver weekly chart shows the market is on a knife-edge. The weekly futures chart below shows the level marked in blue at $21.81/oz is the consolidation low. If there breaks the market could be heading into the next distribution low that is quite far off.

There is a glimmer of hope at the orange zone which has a historical level back from July 2016. The stronger zone is the green one at $18.67/oz and this level has been used on multiple occasions as a resistance zone.

As analysts, we must not forget about the support that the silver price gets at round numbers. $20/oz is a big level and could be a "line in the sand" so to speak. The volume is a very interesting factor. There has been subdued market participation in silver for some time now. This makes it seem that there is not too much selling interest in this move lower as it has not been backed by a large amount of volume. The next few session will be very important for the silver bulls

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