The silver markets initially tried to rally during the day on Thursday, but struggled at the $14.40 level yet again. We ended up turning back around and
The silver markets initially tried to rally during the day on Thursday, but struggled at the $14.40 level yet again. We ended up turning back around and formed a shooting star, so we believe that the downward pressure continues going forward. Ultimately, any time we rally at this point in time we are sellers for short-term moves. We believe that it’s only a matter of time before we reach down towards the $14 level, and then eventually below there towards the $12 level. The US dollar continues to be very strong, and as a result we feel it’s only a matter time before precious metals fall yet again.
Being FXEmpire’s analyst since the early days of the website, Chris has over 20 years of experience across various markets and assets – currencies, indices, and commodities. He is a proprietary trader as well trading institutional accounts.
