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Silver Markets Gap Higher to Kick Off Week

By:
Christopher Lewis
Published: Feb 14, 2022, 17:00 UTC

Silver markets have gapped higher to kick off the trading week as the markets continue to worry about risk appetite and run for cover.

Silver Markets Gap Higher to Kick Off Week

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Silver markets gap higher to kick off the trading week, as we continue to see a lot of noisy behavior around the world when it comes to risk appetite, and as people are looking to protect their wealth, they have been flooding into precious metals. Silver now finds itself at the 200 day EMA tittle be interesting to see if the market pays close attention to that. Looking above, we also have a downtrend line that a lot of people will probably be paying close attention to, so I do think that the upside is more likely than not a bit limited, at least in the short term. After all, the market has shot straight up in the air for a while now.

SILVER Video 15.02.22

Silver markets of course are very volatile, so you need to be cautious when trading them. That being said, it certainly looks as if we do have some noise above that could be an issue. That being said, if we could break out to the upside and above that downtrend line, then it could be a very bullish sign. At that point, I would anticipate that the market would probably be in a bit of a panic mode, trying to protect wealth at all costs.

To the downside, then we have the possibility of a move towards the $23.50 level in order to fill the gap, and then perhaps even the 50 day EMA underneath there. All things been equal, this is a market that I think continues to see a lot of choppy behavior at best, but one should not forget that volatility is very high at the moment.

For a look at all of today’s economic events, check out our economic calendar.

About the Author

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.

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