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Christopher Lewis
Silver daily chart, October 23, 2019

Silver markets have done very little during the trading session on Tuesday, as we continue to hug the 50-day EMA. That is an area that obviously will attract a certain amount of attention as the 50-day EMA is a longer-term trend following indicator. Most traders around the world are at least mildly aware of the area, so will be paying quite a bit of attention here. The uptrend line underneath good offer support, and although the moving average is starting to flatten out a bit, we are still technically at an uptrend and that should not be forgotten. Because of this, I still prefer buying silver, but I also recognize that a certain amount of patience will probably be necessary.

SILVER Video 23.10.19

To the downside, not only will the uptrend line offer a bit of support, but I suspect the $17.00 level will as well. It’s a large, round, psychologically significant figure, which of course always attracts a certain number of headlines. The $18.00 level above should continue to be resistant as well, so a break above that level would in fact triggered fresh buying in the market as it would be a strong assertion of bullish momentum. Overall, this is a market that I think will continue to grind sideways before finding a reason to go higher. However, if we were to break down below the $17.00 level then we need to start thinking about a more bearish attitude in the market, and perhaps start targeting that $16.00 level next. At this point, we are in an area that should cause a certain amount of inflection.

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