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.
Chris is a proprietary trader with more than 20 years of experience across various markets, including currencies, indices and commodities. As a senior analyst at FXEmpire since the website’s early days, he offers readers advanced market perspectives to navigate today’s financial landscape with confidence.
