Silver markets bounced a bit after initially dropping on Friday, as the $17 level is trying to offer a bit of support. However, I think that a lot of this
Silver markets bounced a bit after initially dropping on Friday, as the $17 level is trying to offer a bit of support. However, I think that a lot of this move recently has been due to the fear trade as North Korea and the United States argues, so I think that as tensions cooldown, this market will probably roll over. That being said, Silver had a bit in it to begin with, so a pullback could be a buying opportunity but I think we could get a short-term selling opportunity. Ultimately, I think that the $17.50 level is massively resistive, and I think that the market should continue to see volatile sessions forward.
If we did breakdown below the $16.50 level, then we could see a significant amount of bearish pressure reenter the market. In the meantime, I simply look at this is a market that’s probably best to play with small position, and certainly with as low of the leverage as possible.
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.