Silver markets went back and forth during the trading session on Tuesday as we started to fill the gap. That being the case, the 50 day EMA also offer support underneath the $15.00 level which of course is also a psychologically important level to pay attention to. Overall, I think that the buyers are going to come back into the market relatively soon, but this market could need a little bit help from the gold market as it is a long way away from the gap underneath over there that could lift the market.
SILVER Video 03.07.19
If we can break above the top of the candle stick for the trading session on Tuesday, then the market probably goes looking towards the $15.50 level above, which is a major resistance barrier. If we can clear that level, then we could go looking towards the $16.00 level. Overall, this is a market that could move based upon the US dollar as well, so pay attention to how it is behaving. If it starts to fall that could lift silver by proxy, so therefore I believe that the currency markets will have their say when it comes to precious metals as well.
Expect a lot of choppy nonsense in the meantime though, as we are currently in the middle of summer and of course a lot of questions still haunt the markets based upon central bank actions, global growth, and the US/China trade situation as well. In other words, confusion still is the main feature of global markets, with silver being no different.
Please let us know what you think in the comments below
This article was originally posted on FX Empire
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