FXEMPIRE
All
Ad
Advertisement
Advertisement
Christopher Lewis
Add to Bookmarks
Silver daily chart, July 09, 2019

Silver markets have gone back and forth during the day on Monday, testing both the 50 and the 200 day EMA. Because of this, and the fact that we are just above the $15.00 level, the market looks as if it is in a tightening range of consolidation. If we can break out above the 200 day EMA, which is pictured in blue, then the market probably goes looking towards the $15.50 level above. Alternately, if we were to break down below the 50 day EMA which is subsequently at the $15.00 level, then the market could start to unwind towards the $14.75 level.

SILVER Video 09.07.19

All things being equal, this is a market that is going to function via how the US dollar is behaving, so if the US dollar is falling in value due to the Federal Reserve cutting interest rates, it’s very likely that silver should get a bit of a boost. That being said, this week will see Jerome Powell testify in front of Congress, so that might be the final “nail in the coffin” as to what happens next. People are expecting the Federal Reserve to cut interest rates in July, and that could give a boost to precious metals overall, silver included.

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.

If we can break above the $15.50 level, then the market is very likely to go towards the $16.00 level. However, a break down probably has less room to move than the upside does as silver has been so suppressed for so long. Pay attention to gold, it still needs to fill the gap underneath so silver may struggle a bit before picking up to the upside.

Please let us know what you think in the comments below

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