Silver markets rallied on Thursday, testing the $17 level. However, the $17 level should be resistive, so it’s not until we break above the $17.25 level
Silver markets rallied on Thursday, testing the $17 level. However, the $17 level should be resistive, so it’s not until we break above the $17.25 level that I feel comfortable buying. On top of that, we have the 100-day exponential moving average pictured in blue on the chart, sitting just above the current area. Because of this, I believe it is only a matter time before the sellers get involved, so an exhaustive candle would be a nice selling opportunity. A break down below the bottom of the range for the session on Thursday should send this market looking for $16.25 below.
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.
