FXEMPIRE
All

Silver Price Forecast – Silver markets back and forth on Tuesday

Silver markets were initially negative during the day on Tuesday but bounced later in the day as the $15.90 level offered support again. Currently, it looks as if we are finding far too much in the way of noise to build a longer-term trade, but for short-term traders, it’s likely that this will be an excellent market.
Christopher Lewis
Silver daily chart, July 11, 2018

Silver markets initially fell during the trading session on Tuesday, reaching down towards the $15.90 level for support and finding it. The market then bounced enough to reach towards the $16 level, an area that of course will attract a lot of attention due to the large, round, psychological significance of the figure. The $16.15 level was broken above recently, which of course was a good sign, but we have turned right back around. Ultimately, I believe that the market will continue to see a lot of choppiness, so look for back and forth a range bound type of trades. I believe that the overall attitude of the market will be range bound, with a slightly positive amount of momentum underneath. I believe that looking at the longer-term charts will of course continue to dictate where we go next.

The $15.50 level is the beginning of support extending down to the $15 level underneath. I believe that longer-term traders will continue look at these dips as buying opportunities, but in the short term I think people will use stochastic oscillator’s and the like to go back and forth. I do believe that we are trying to form a bottoming pattern, and then perhaps go looking towards the $16.50 level above, which should offer significant resistance. It doesn’t mean that is going to be easy, but I do remain bullish overall.

SILVER Video 11.07.18

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

Latest Articles

See All

Expand Your Knowledge

See All
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