Silver markets initially rallied during the trading session on Thursday but gave back quite a bit of the gains early in the session to show signs of exhaustion. Quite frankly, we have gone parabolic so that’s not a huge surprise. At this point in time we could see a move back towards the $15.75 level, or even as low as the $15.50 level. Either one of those should offer a buying opportunity at lower levels, so I don’t have any interest in trying to short this market. I can think of few markets that are strong as Silver right now, so I don’t want to fight the trend, I just want to pick up value when it present itself.
SILVER Video 19.07.19
We might get a day or two of softness, but by the $15.50 region I suspect that we will have value hunters coming back in to pick this market up. The alternate scenario is of course that we break above the highs, sending this market even more parabolic. I don’t like that scenario though, because those types of moves tend to end very poorly. With that being the case I am on the sidelines but most certainly paying attention to this chart as I will almost certainly be a buyer of silver over the next several sessions. I will keep you up-to-date here at FX Empire as to what I’m doing, but one thing I can tell you right now: I won’t be selling silver anytime soon. I believe that we are in the process of trying to make a longer-term trend happen.
Please let us know what you think in the comments below
This article was originally posted on FX Empire
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