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.
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.
