FXEMPIRE
All
Ad
Advertisement
Advertisement
Christopher Lewis
Add to Bookmarks
Silver

Silver markets have pulled back a bit during the course of the trading session on Thursday, pulling back from the highs of the session on Wednesday. That being said, the market looks very bullish, and therefore I think it is likely that we find buyers underneath the turn this thing around. The 50 day EMA is going to offer support, just as the $25 level will. After that, then we have the 200 day EMA offering support as well.

SILVER Video 23.04.21

Because of all of this, I think that buying on the dips will continue to be the best way to play silver, but we did see a little bit of US dollar strength that worked against the commodity in general. That being said, the question is whether or not we are going to see buyers underneath. It certainly looks as if we will, and of course the idea is that the silver markets are highly helped out by the idea of the reflation trade and the reopening of course as silver is a highly useful industrial metal.

Advertisement
Know where Silver is headed? Take advantage now with 

Trading Derivatives carries a high level of risk to your capital and you should only trade with money you can afford to lose. Trading Derivatives may not be suitable for all investors, so please ensure that you fully understand the risks involved, and seek independent advice if necessary. A Product Disclosure Statement (PDS) can be obtained either from this website or on request from our offices and should be considered before entering into a transaction with us. Raw Spread accounts offer spreads from 0.0 pips with a commission charge of USD $3.50 per 100k traded. Standard account offer spreads from 1 pips with no additional commission charges. Spreads on CFD indices start at 0.4 points. The information on this site is not directed at residents in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.

The market does show that the 50 day EMA is starting to tilt higher, and therefore it is likely that we will see an attempt to rally longer term. With that being the case, it is only a matter of time before we should see a bit of a push higher. However, if we were to break down below the 200 day EMA then I think the market goes racing towards the $22 level. That would obviously be some type of shock to the system though. With this, I believe it is only a matter of time before we rally again.

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

Advertisement
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