Silver markets initially rallied during the course of the session on Friday, but then turned back around in order to form a rather negative candle.
Silver markets initially rallied during the course of the session on Friday, but then turned back around in order to form a rather negative candle. Because of this, the market looks as if it is going to try to break down below the $14 level, and therefore continue the downtrend. Ultimately, we break down below here we feel that the market should then reach towards the $12 handle given enough time. Rallies continue to be selling opportunities in our opinion, as the $14.40 level has been so resistive recently. As long as the US dollar is strong, silver is still a soft market.
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.
