Silver markets continue to be bullish and resilient, as we are pressing the underneath of a major uptrend line, which should now offer a significant bout of resistance. This coincides with roughly $15.58, and as I record this we are right in that neighborhood. If we can break above the couple of shooting stars from both Thursday and Friday, then the market goes looking for the $16.00 level. On the other hand, if the market can break out above those candlesticks, that should send Silver much higher. It will be interesting to see how that plays out, but overall you should be cautious about jumping in right away. After all, a breach of a couple of shooting stars is a very significant bullish sign, and a breach of major resistance.
SILVER Video 26.03.19
Pay attention to the US dollar, it has its usual influence on precious metals, and if we can get some softness in the greenback that should be enough to send precious metals overall to the upside, both gold and silver. Obviously, there is a lot of volatility just waiting to happen, but ultimately we need some type of clarity with and resolution with this uptrend line to make a larger trade. However, silver and gold both look very similar, and therefore one should lead the other. Ultimately, if we can break out to the upside the move will probably be rather strong. If we pull back, then we should have a significant amount of support at the $15.25 level and essentially a “floor” at the $15.00 level.
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This article was originally posted on FX Empire
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