FXEMPIRE
All
Ad
Advertisement
Advertisement
Christopher Lewis
Add to Bookmarks
Silver

Silver markets went back and forth during the trading session on Monday as markets look for some type of directionality in order to move further. The $18 level of course is an area that would attract a lot of attention and therefore I think it is not a huge surprise to see that the market would sit here. Keep in mind that the central banks around the world printing currencies will continue to drive metals markets higher given enough time, but the biggest problem that silver has is that it is also an industrial metal. In other words, it needs industry to demand more components and therefore it needs growth.

SILVER Video 30.06.20

To the upside I see the $19 level as major resistance, and as a result if we can break above the $19 level it is likely that the silver market will go looking towards the $20 level, and as a result would signify extreme strength. In the past, right after the Great Financial Crisis, once the market broke above the $20 level, it shot straight up in the air in a parabolic move to $50. I do not necessarily think that is going to happen in the short term, but I do think the market will have a nice run after breaking above the $20 level.

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.

To the downside, it looks as if the 50 day EMA at the $17.17 level in the 200 day EMA at the $16.71 level should both offer support. In fact, that creates a little bit of a range of support that has its center around the large figure at $17.

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