Silver markets exploded to the upside as all commodities did on Thursday, but we are starting to run into a significant amount of resistance in the
Silver markets exploded to the upside as all commodities did on Thursday, but we are starting to run into a significant amount of resistance in the general vicinity of $17.60. Because of this, expect a short-term pullback, as we consolidate back and forth ahead of the jobs number. Keep in mind that the US dollar will be highly volatile today, so it’s likely that we will continue to see noisy action. With this in mind, I need to see a move above the $17.60 level to start buying, just as I would wait until a move below the $17.25 level before I would start selling.
Chris is a proprietary trader with more than 20 years of experience across various markets, including currencies, indices and commodities. As a senior analyst at FXEmpire since the website’s early days, he offers readers advanced market perspectives to navigate today’s financial landscape with confidence.
