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Christopher Lewis
Silver daily chart, June 10, 2019

Silver markets rallied significantly during the day on Friday and got a bit of a boost after a less than stellar US jobs number. As the economic numbers were revised down from previous months as well, the US dollar got hammered. This of course helps the silver market, but I would point out that the 200 day EMA has offered a bit of a brick wall. The question now is whether or not we can hang onto these gains?

SILVER Video 10.06.19

Ultimately, this is a market that I think will find buyers on dips, and now the $14.85 level should offer a bit of support, as it was not only significant resistance in the past, but it also features the 50 day EMA as well. Pay attention to the US dollar, as a falling greenback certainly help silver as well. That being said, the 200 day EMA does offer a certain barrier.

I would be more than willing to buy short-term pullbacks that showed support at the $14.85 level and extending all the way to the $15.00 level. I would also be willing to buy this market if we can get a daily close above the 200 day EMA but would be more than willing to sell this market if we broke back down below the $14.75 level as it would be a significant turnaround. Overall though, it certainly looks as if the silver market is trying to go higher, perhaps trying to reach the top of the trend line near the $16.00 level but obviously there will be a lot of back and forth between here and there.

Please let us know what you think in the comments below

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