FXEMPIRE
All
Ad
Corona Virus
Stay Safe, FollowGuidance
World
95,479,062Confirmed
2,039,601Deaths
68,167,161Recovered
Fetching Location Data…
Advertisement
Advertisement
Christopher Lewis
Silver

Silver markets have rallied quite nicely after breaking out during the previous session, but as you can see the Tuesday candlestick has given back some of the gains. Because of this, I believe that the market is likely to continue to offer a bit of resistance above, and the fact that we pullback where we did make quite a bit of sense considering that the $16 level was right there as well. By giving back the gains, it suggests that we may need to pullback in order to build up enough pressure to go higher, and of course it may be the market starting to step away from the industrial demand part of the equation.

SILVER Video 08.04.20

Remember, silver is not only a precious metal, but it is also an industrial metal, meaning that it has a couple of different things pushing it around at any given moment. Ultimately, I do believe that the market is going to continue to see a lot of volatility, but if the markets continue to focus on the lower coronavirus numbers, one will think that eventually buyers will come back. I would anticipate that $15 level offer a bit of support, so don’t be surprised to see a bit of a bounce in that general vicinity. On the other hand, if we do not hold at the $15 level then I think we are going to go looking towards the $40.50 level, and then eventually the $14 level after that. The market may have gotten a bit ahead of itself, and if that’s going to be the case, pullback makes quite a bit of sense.

Advertisement
Know where Silver is headed? Take advantage now with 

75% of retail CFD investors lose money

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

  • Your capital is at risk
IMPORTANT DISCLAIMERS
The content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. It does not constitute, and should not be read as, any recommendation or advice to take any action whatsoever, including to make any investment or buy any product. When making any financial decision, you should perform your own due diligence checks, apply your own discretion and consult your competent advisors. The content of the website is not personally directed to you, and we does not take into account your financial situation or needs.The information contained in this website is not necessarily provided in real-time nor is it necessarily accurate. Prices provided herein may be provided by market makers and not by exchanges.Any trading or other financial decision you make shall be at your full responsibility, and you must not rely on any information provided through the website. FX Empire does not provide any warranty regarding any of the information contained in the website, and shall bear no responsibility for any trading losses you might incur as a result of using any information contained in the website.The website may include advertisements and other promotional contents, and FX Empire may receive compensation from third parties in connection with the content. FX Empire does not endorse any third party or recommends using any third party's services, and does not assume responsibility for your use of any such third party's website or services.FX Empire and its employees, officers, subsidiaries and associates, are not liable nor shall they be held liable for any loss or damage resulting from your use of the website or reliance on the information provided on this website.
RISK DISCLAIMER
This website includes information about cryptocurrencies, contracts for difference (CFDs) and other financial instruments, and about brokers, exchanges and other entities trading in such instruments. Both cryptocurrencies and CFDs are complex instruments and come with a high risk of losing money. You should carefully consider whether you understand how these instruments work and whether you can afford to take the high risk of losing your money.FX Empire encourages you to perform your own research before making any investment decision, and to avoid investing in any financial instrument which you do not fully understand how it works and what are the risks involved.
FOLLOW US