FXEMPIRE
All
Ad
Advertisement
Advertisement
Christopher Lewis
Add to Bookmarks
Silver daily chart, July 17, 2019

During the trading session on Tuesday we have seen the silver market break out above the $15.50 level. This is obviously very bullish turn of events, and it now looks as if we are going to go towards the $15.75 level, which is typical of this market, moving in $0.25 increments. I recognize the $15.50 level should be supportive, so therefore it’s very likely that we are going to see pullbacks bought at this point, as silver has shown such strength.

SILVER Video 17.07.19

Keep in mind that the Federal Reserve is going to cut interest rates, so that will more than likely put upward pressure on metals in general. However, Silver was on its own during the trading session which is very odd. That being said though, silver has outperformed gold during the day, and it is the only thing you should pay attention to. This could foretell of buying in the gold market, or perhaps it shows that we are going to see silver take the leap. Either way, precious metals do appear to be going higher and therefore I don’t have any interest in trying to short either one of them.

Advertisement
Know where Silver is headed? Take advantage now with 

Trading Derivatives carries a high level of risk to your capital and you should only trade with money you can afford to lose. Trading Derivatives may not be suitable for all investors, so please ensure that you fully understand the risks involved, and seek independent advice if necessary. A Product Disclosure Statement (PDS) can be obtained either from this website or on request from our offices and should be considered before entering into a transaction with us. Raw Spread accounts offer spreads from 0.0 pips with a commission charge of USD $3.50 per 100k traded. Standard account offer spreads from 1 pips with no additional commission charges. Spreads on CFD indices start at 0.4 points. The information on this site is not directed at residents in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.

The candlestick of course is very bullish and the fact that we are closing towards the top of it shows that there is a lot of momentum still here, so I think pullbacks continue to offer the best opportunities to get long of silver, and therefore I will be looking for buying opportunities only. I have no interest in shorting either one of the precious metals markets these days.

Please let us know what you think in the comments below

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