Silver markets gapped lower at the open on Monday, but then shot above the gap to reach towards the $17.10 level. By doing so, it showed a very bullish
Silver markets gapped lower at the open on Monday, but then shot above the gap to reach towards the $17.10 level. By doing so, it showed a very bullish proclivity, but it looks now as if we may drop below the $17 level. If we do, I think that the market should go even lower, and this will be especially true if stock markets do well. This is because the silver trade recently has been more of a “run to safety” than anything else. I recognize that the Silver markets always play a secondary role to the gold markets when it comes to the safety trade, but they are influenced by it. Ultimately, I think that there will be continued volatility, but I believe that the area in this region is going to continue to be massive in the way of resistance.
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.