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Christopher Lewis

Silver markets rallied a bit during the trading session on Friday, reaching towards the $17.90 level, and even higher than that to threaten the $18 level. Ultimately though, this is a market that I think will continue to go back and forth but seems to have a bit of a floor underneath him. It is because of this that I like buying dips in the silver market, as it has shown so much in the way of resiliency. At this point in time, the market seems to have plenty of support underneath at the $17 level as the 50 day EMA is starting to reach that area as well. The hammer that formed on Monday showed just how much resiliency there is in the silver markets, and therefore it is likely that the buyers will continue to pick up value.

SILVER Video 22.06.20

At this point in time, the market looks as if it is going to continue to bang around between $17 and $19 from a longer-term standpoint, and therefore I think we continue to see a lot of value hunting, but I would not be a seller. Eventually, this market will probably break above the $19 level, if for no other reason than the fact that the central banks around the world continue to crush the idea of any type of currency appreciation longer term. That of course continues to play a factor in how precious metals will trade. Silver is a bit of an industrial metal, so keep that in mind as well, it may lack the gold markets overall.

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

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