Silver markets rallied at first, and then fell on Monday. Ultimately though, we turned around to form a hammer, which suggests that the $17 level will be
Silver markets rallied at first, and then fell on Monday. Ultimately though, we turned around to form a hammer, which suggests that the $17 level will be tested yet again. However, this is a longer-term downtrend in the US dollar has been strengthening for quite some time. With this, I wait for an exhaustive candle above in order to take advantage of the longer-term downtrend, or a break down below the bottom of the hammer for the session on Monday to start shorting as well. I have no interest whatsoever in buying silver at the moment.
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.
