FXEMPIRE
All
Ad
Corona Virus
Stay Safe, FollowGuidance
World
96,122,866Confirmed
2,052,317Deaths
68,782,894Recovered
Fetching Location Data…
Advertisement
Advertisement
Christopher Lewis
Silver

Silver markets have rallied going into the weekend, aiming towards the 50 day EMA. Ultimately, this is a market that is going to react to the US dollar and of course the overall risk appetite around the world as silver is also an industrial metal, not just a precious one. Because of this, I like the idea of buying short-term dips and have for a while. However, we are essentially in the middle of a larger consolidation area, so I am in no huge rush to build up a massive position.

SILVER Video 23.11.20

To the downside, the $22.75 level is a significant support level, as it not only has been tested a couple of times previously, but also has the 38.2% Fibonacci retracement level sitting there. Ultimately, this is a market that we should see buyers on dips, especially as the 200 day EMA starts to race towards that area. All things being equal, the market should eventually go looking towards the $26 level, possibly even further.

Advertisement
Know where Silver is headed? Take advantage now with 

75% of retail CFD investors lose money

The silver market of course is one that I do like longer term, so I believe that short-term pullbacks will continue to offer opportunities to put a little bit of money to work, but I have been building this position up over the longer term, not necessarily jumping “all in” right away. The silver markets are extraordinarily volatile and dangerous at times, so keep in mind that the market will continue to see value hunters going forward, and at this juncture I have no interest in shorting this market. I believe this is more of an investment than anything else.

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

Advertisement
Don't miss a thing!
Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Trade With A Regulated Broker

  • Your capital is at risk
IMPORTANT DISCLAIMERS
The content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. It does not constitute, and should not be read as, any recommendation or advice to take any action whatsoever, including to make any investment or buy any product. When making any financial decision, you should perform your own due diligence checks, apply your own discretion and consult your competent advisors. The content of the website is not personally directed to you, and we does not take into account your financial situation or needs.The information contained in this website is not necessarily provided in real-time nor is it necessarily accurate. Prices provided herein may be provided by market makers and not by exchanges.Any trading or other financial decision you make shall be at your full responsibility, and you must not rely on any information provided through the website. FX Empire does not provide any warranty regarding any of the information contained in the website, and shall bear no responsibility for any trading losses you might incur as a result of using any information contained in the website.The website may include advertisements and other promotional contents, and FX Empire may receive compensation from third parties in connection with the content. FX Empire does not endorse any third party or recommends using any third party's services, and does not assume responsibility for your use of any such third party's website or services.FX Empire and its employees, officers, subsidiaries and associates, are not liable nor shall they be held liable for any loss or damage resulting from your use of the website or reliance on the information provided on this website.
RISK DISCLAIMER
This website includes information about cryptocurrencies, contracts for difference (CFDs) and other financial instruments, and about brokers, exchanges and other entities trading in such instruments. Both cryptocurrencies and CFDs are complex instruments and come with a high risk of losing money. You should carefully consider whether you understand how these instruments work and whether you can afford to take the high risk of losing your money.FX Empire encourages you to perform your own research before making any investment decision, and to avoid investing in any financial instrument which you do not fully understand how it works and what are the risks involved.
FOLLOW US