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Christopher Lewis
Silver daily chart, November 11, 2019

Silver markets have fallen again during the trading session on Friday, breaking below the $17.00 level. This is an area that suggests a bit of support due to the fact that the 200 day EMA is sitting just below. The $17.00 level of course will cause a certain amount of attention, so at this point if we were to break back above the $17.00 level, then the market could go back towards the previous uptrend line. That’s an area that could cause some issues near the $17.50 level. However, if we were to break above there, then the market could go to the $18.00 level.

SILVER Video 11.11.19

Alternately, if the market was to turn around a break below the 200 day EMA, then the 61.8% Fibonacci retracement level will be threatened, perhaps opening up the door to a bigger selloff. The silver markets get hammered as it was reported that the Americans may drop tariffs against the Chinese, although there have been conflicting reports about that sense. This is a “safety trade” as you can see, and therefore it looks back and forth due to headlines between the Americans and the Chinese.

At this point though, the certainly looks as if the market is struggling. Ultimately, you can also make a bit of an argument for a descending triangle based upon the most recent pullback, so at this point it’s likely that a breakdown could really get things going to the downside. At this point, market participants will continue to get whipsawed by the latest headlines.

Please let us know what you think in the comments below

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