Corona Virus
Stay Safe, FollowGuidance
Fetching Location Data…
Christopher Lewis

Silver markets have broken down a bit during the trading session on Friday, reaching down towards the $22 level. We have seen a bit of a bounce from that area though, as we are starting to approach the 200 day EMA. It is also worth noting that the 38.2% Fibonacci retracement level has been drifting around this area as well, so I think it is only a matter of time before the buyers would come back in and pick this market up. That is of course, all things being equal. What is worth noting though is that it is more of a “risk on rally” that we are seen around the world right now and that has multiple influences on silver going on at the same time.

SILVER Video 30.11.20

Silver of course is highly influenced by the US dollar, as it does have a bit of a negative correlation most of the time. However, the silver markets also have the question as to whether or not there is going to be industrial demand, and I think at this point in time that is one of the stronger arguments for silver to go higher. Furthermore, market participants should continue to see an underlying demand for precious metals in general as central banks around the world continue to flood the markets with liquidity. Because of this, I think what we are looking at here is a potential of support, and we may see a little bit of a turnaround as silver may actually lead gold for once.

Know where Silver is headed? Take advantage now with 

75% of retail CFD investors lose money

Nonetheless, I think that we have plenty of time before we need to start buying so although I do like the idea of buying this dip, I may wait until we get the Monday candle printed in order to do so.

For a look at all of today’s economic events, check out our economic calendar.

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
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.
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.