FXEMPIRE
All
Ad
Advertisement
Advertisement
Christopher Lewis
Add to Bookmarks
Silver daily chart, July 18, 2019

Silver markets broke above the highs of the previous session on Wednesday, showing signs of real strength. By breaking above the $15.75 level, it suggests that we are ready to go to the next major level, the $16.00 level. Underneath, I see the $15.50 level as support, as it was a previous resistance barrier, and therefore it’s likely that the area should offer a lot of support. I think that it is only a matter of time before the buyers would come back in that area. If we did break down below the $15.50 level, then the market will more than likely look towards the 50 day EMA, or perhaps even the 200 day EMA.

SILVER Video 18.07.19

We are a bit overextended at this point, and at this point I think that it is only a matter time before we get some type of value play, and obviously shorting Silver right now would be very difficult. Signs of exhaustion could be hints to get out of the market, but I think it’s much easier to buy that short-term pullbacks. Overall, this is a market that shows that it understands that the Federal Reserve is going to be cutting interest rates, and that should drive up the value of precious metals in general. That being the case, I believe that we will not only reach towards the $16.00 level, but possibly higher than that.

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.

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