Silver markets rallied on Monday, but found the $17 level above to be resistive. Because of this, we turned around to form a small shooting star. I think
Silver markets rallied on Monday, but found the $17 level above to be resistive. Because of this, we turned around to form a small shooting star. I think the market is going to continue to consolidate, with the $17 level on the top being resistive, while the $16.50 level below will be supportive. Longer-term, I still prefer the downside, but I recognize in the meantime we made to simply chop around in this region. If we broke above the $17.25 level, at that point I would have to recognize that the uptrend would start to accelerate.
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.
