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

Silver markets initially pulled back a bit during the trading session on Thursday but seem to be finding support near the $23 level. Quite frankly, this is interesting due to the fact that the 38.2% Fibonacci retracement level is in that area, and therefore it will attract a certain amount of attention. Ultimately, this is a market that should continue to see a lot of choppiness overall, and I am still bullish of silver, regardless of the fact that we have seen a lot of negativity. Underneath, I think that the $22 level is support as well, and then the 200 day EMA.

SILVER Video 30.10.20

Ultimately, if we can break above the 50 day EMA, then the market goes looking towards the $26 level. If we can break above there, then the market is likely to go looking towards the $27 level where we have seen a lot of supply in the past. To the downside, even if we break down below here, I think that the absolute “floor” in the market is closer to the $20 level. Ultimately, this is a market that should continue to be bullish over the longer term, as central banks around the world will continue to flood the markets with liquidity. Because of this, I think that this market remains a “buy on the dips” type of situation.

Know where Silver is headed? Take advantage now with 

75% of retail CFD investors lose money

I have no interest in shorting, because quite frankly with all of the central banks out there looking to flood the markets with currency, it would make quite a bit of sense that the precious metals will get a bit of a bid. However, I am the first to tell you that gold typically acts a little stronger in that scenario.

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.