FXEMPIRE
All
Ad
Corona Virus
Stay Safe, FollowGuidance
World
19,395,730Confirmed
720,242Deaths
12,453,855Recovered
Fetching Location Data…
Advertisement
Advertisement
Christopher Lewis
Silver daily chart, November 13, 2019

Silver markets have initially tried to rally during the trading session on Tuesday but then broke down towards the 200 day EMA, an area that of course is crucial when it comes to technical analysis. Keep in mind that the 200 day EMA is quite often used by longer-term traders as a bit of a proxy for the overall trend, so it attracts a lot of algorithmic trading if nothing else.

SILVER Video 13.11.19

Pay attention to the risk appetite, because it seems as if the risk appetite is starting to get a little bit more bullish, and that works against precious metals. The Federal Reserve is on the sidelines and not cutting interest rates any further, so that also works against precious metals. That being said, there are a lot of geopolitical concerns out there and there are plenty of reasons that don’t take a lot of imagination to think about that could come in and push this market to the upside.

If silver can break above $17, then I feel that the market will probably go looking towards the $17.50 level again as it is not only the 50 day EMA but it is also the bottom of the uptrend line that had been broken through. Ultimately, this is a market that is on the precipice of making a rather big move, and a daily close below the 200 day EMA could open up a move back down to the $15.50 level, which would be extraordinarily negative. Keep in mind that the 61.8% Fibonacci level is just below the 200 day EMA though, so one would have to think that a bounce is coming at the very least.

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