Silver markets rallied initially during the day on Friday, but found enough resistance at the $17.30 level to turn around and reach towards the $17
Silver markets rallied initially during the day on Friday, but found enough resistance at the $17.30 level to turn around and reach towards the $17 handle. If we can break down below the $16.90 level, we could probably go down to the $16.65 handle. Alternately, if we can stay above the $17 level, then the market will probably continue to go towards the $17.25 level. Either way, this is a very volatile market, but overall it looks as if we are trying to build up enough of bullish pressure to continue higher. With this being the case, it’s very likely that you will be best served trading the market in small volume, as opposed to a larger position.
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.