The silver market initially fell on Friday, but turned right back around at the $16.25 level because of this, we formed a somewhat supportive looking
The silver market initially fell on Friday, but turned right back around at the $16.25 level because of this, we formed a somewhat supportive looking candle but I think that there is a massive amount of resistance above. The $17 level above offers quite a bit of resistance, and thus an exhaustive candle is reason enough to start selling again. The $16 level underneath will offer support, but longer-term I think there is a significant amount of downward pressure. Have no understand buying, the US dollar is far too strong to think the precious metals are going to rally.
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.
