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.
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.
