FXEMPIRE
All
Corona Virus
Stay Safe, FollowGuidance
World
12,420,705Confirmed
558,091Deaths
7,246,374Recovered
Fetching Location Data…
Advertisement
Advertisement
Christopher Lewis
Silver weekly chart, September 30, 2019

Silver markets initially tried to rally during the trading week, but then broke down below the $19 level to reach quite significantly to the downside. The fact that we have formed a massive shooting star again tells me that there is a lot of concern out there boat one thing that is helping the market is that there is a bit of a gap that has just been filled. That of course is a bullish sign, but if we were to break down below the bottom of the weekly candle stick, this could be rather ugly for Silver

SILVER Video 30.09.19

That being said, we could continue to simply grind sideways overall but it will be difficult to trade from a longer-term standpoint based upon the fact that it should be so noisy. With that, the market will either signal a longer-term short set up, or a short-term buying opportunity. When you look at the chart though, it is very parabolic at this point so a pullback doesn’t exactly seem to be out of sorts. This doesn’t mean that we are suddenly going to melt down, what it means is that we are likely to get a bit of a pullback. So while things do look somewhat negative, it would not surprise me at all to see a bit of a fall from here only to turn around and attract more traders because let’s be honest here: there are a lot of problems around the world they continue to have people looking for some type of safety.

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