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Christopher Lewis
Silver daily chart, June 21, 2019

Silver markets gapped higher to kick off the trading session on Thursday as the Federal Reserve has become a lot more dovish, and that of course makes sense as the US dollar falls in value and Silver of course will react positively. However, we are a bit ahead of ourselves to look for short-term pullbacks to take advantage of as the $15 level should be supportive now. It was previous resistance, so it makes sense that “the ceiling will become the floor.”

SILVER Video 21.06.19

The $15.50 level is resistance, and now that will be the next target. However, that we should have plenty of value between here and there and start buying. If we did break down below the $15.00 level, that would be horrific and very negative for the uptrend. That doesn’t look to be very likely, so I think at this point traders are starting to pick up bits and pieces of silver going forward. If you have the ability to buy physical silver, that is also a valid way to go, but the futures market of course is somewhat expensive so you need to be cautious about your entries. If you have CFD contracts available, that might be a way to go as well as you can size your position accordingly, because once we see a move like this it tends to get extraordinarily volatile. Selling is an even a thought at this point, as there is far too much in the way of an attitude shift over the last couple of days.

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