FXEMPIRE
All
Ad
Corona Virus
Stay Safe, FollowGuidance
World
31,223,626Confirmed
964,762Deaths
22,817,531Recovered
Fetching Location Data…
Advertisement
Advertisement
Christopher Lewis
Silver daily chart, November 06, 2019

Silver markets have fallen rather hard during the trading session on Tuesday, testing a trend line near the $17.65 level. By doing so, it is also testing the 50 day EMA which of course will attract a lot of attention. The question now is whether or not the market can continue to find buyers? So far, it does look as if the area could hold but it doesn’t necessarily mean that it will be an easy long to take. At this point, the question then becomes whether or not we are in a “risk on” or possibly a “risk off” type of situation.

SILVER Video 06.11.19

Precious metals of course will attract a lot of attention when there are concerns about geopolitical conflict, and of course a potential continuation of central banks cutting interest rates. At this point one would have to suggest that perhaps the market will continue to find a lot of reasons to look to protect wealth, which is part of what silver can do. Ultimately, I do believe that we will bounce but if we were to break down below the $17.25 level, that would be an extraordinarily bearish sign. All things being equal I think we are still very much in an uptrend and should continue to be so unless something drastically changes with monetary policy. At this point, I’m a buyer of short-term bounces, trying to build a bit of a larger core position.

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

Latest Articles

See All

Expand Your Knowledge

See All

Trade With A Regulated Broker

  • Your capital is at risk