Corona Virus
Stay Safe, FollowGuidance
Fetching Location Data…
Christopher Lewis

Silver markets pulled back a bit during the trading session on Monday, reaching down towards the $24 level before bouncing again. By doing so, we have formed a bit of a hammer in that hammer of course suggests that we are going to find a bit of a buying opportunity. If we can break above the top of the candlestick, then the market is likely to go towards the $25.50 level, maybe even the $26 level. The 50 day EMA is slicing through the candlesticks of the last week or so, so having said that it looks like the market is simply killing time.

SILVER Video 27.10.20

To the downside, if we break down below the $24 level, we could go looking towards the $23 level, followed by the $22 level which will see the 200 day EMA come into the picture. That being said, it is likely that market participants will find value underneath given enough time, especially if the US dollar takes a bit of a hit. Having said that, the market is likely to see plenty of buyers given enough time, but the question is whether or not we need to see some type of stability anytime soon. Underneath, the $20 level is the absolute floor in the uptrend, so if we were to break down below there the whole thing comes unraveled quite rapidly.

Know where Silver is headed? Take advantage now with 

75% of retail CFD investors lose money

Right now, we are simply paying attention to the US dollar and moving in the other direction as per usual. With the US dollar continuing to strengthen, the idea of silver rallying for any significant of a move is difficult to imagine. Ultimately, this is a market that continues choppiness but I we have further to go to the downside given enough time.

For a look at all of today’s economic events, check out our economic calendar.

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

  • Your capital is at risk
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.
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.