FXEMPIRE
All
Ad
Corona Virus
Stay Safe, FollowGuidance
World
96,027,974Confirmed
2,049,880Deaths
68,693,710Recovered
Fetching Location Data…
Advertisement
Advertisement
Christopher Lewis
Silver

Silver markets initially pulled back during the trading session on Wednesday but continues to find the 50 day EMA as a bit of support. At the $26 level above, there should be a certain amount of resistance, but if we can break above there it is likely that we continue to go higher, perhaps reaching towards the $28 level. Silver of course is highly sensitive to what is going on with the US dollar, so make sure you pay attention to the US Dollar Index. The US dollar has been oversold for a while, and that is part of what we have seen as of late, right along with 10 year notes rising as far as yield is concerned. That had people buying the greenback, which works against the value of silver, however temporarily.

SILVER Video 14.01.21

All things being equal, we are still in some type of bottoming pattern, and it is likely that we are going to continue to go higher, perhaps reaching towards the $20 level before trying to get to the $30 level. To the downside, the $23 level is roughly where the 200 day EMA is, and I think we would find buyers in that general vicinity trying to lift this market higher as well. Either way, I have no interest in shorting silver, at least not at the moment. Quite frankly, if you are shorting precious metals, you are simply buying the US dollar so there is no need to do both. The reflation trade should continue to push metals higher, including the silver market which has a certain amount of an industrial use case.

Advertisement
Know where Silver is headed? Take advantage now with 

75% of retail CFD investors lose money

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