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Christopher Lewis
Silver daily chart, November 18, 2019

Silver markets initially fell during the trading session on Friday but found enough buyers a turnaround and form a bit of a hammer. At this point in time I believe that the market is trying to break above the $17.00 level and if we can break above there the market is likely to go looking towards the 50 day EMA. That is closer to the $17.45 level, and it’s likely that we will continue to see a lot of interest in that area as far as sellers are concerned considering that we had broken down from just above it. The previous uptrend line should offer resistance as well, but in the short term it looks as if we could get a bit of a bounce.

SILVER Video 18.11.19

Further arguing the idea of bounce is the fact that the 200 day EMA is just below, and therefore longer-term traders will be looking at this is an area where they could pick up a bit of value. At this point, the markets look very likely to bounce in the short term, but if we were to turn around a break down below the 200 day EMA would be a very negative sign indeed. The thing about silver is that it has not only an industrial component to it, but it is also a precious metal. If we get some type of “risk off” move, that could propel this market higher, but I expect more than anything else we are going to see a short-term bounce with a lot of choppiness.

Please let us know what you think in the comments below

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