The Silver markets initially tried to rally during the week, but found the $18 level to be far too resistive. We turned around and fell significantly,
The Silver markets initially tried to rally during the week, but found the $18 level to be far too resistive. We turned around and fell significantly, reaching towards the $17.15 level underneath. I believe that the $17 level underneath will be supportive, so longer-term traders will probably step to the side. Short-term charts might offer a buying opportunity, but as far as weekly chart is concerned, this is a market that’s probably best left alone. Ultimately, this is a market that will remain volatile, but I believe in the longer-term uptrend if the $17 level can hold.
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.
