Silver markets have rallied a bit during the trading session on Thursday but trying to break above the $70.00 level. That being said though, the market has struggled to continue going higher and therefore turned around to form a bit of a shooting star midday. At this point I think that the market will probably need to grind away just above the 200 day EMA in order to make some type of base for the next move higher. Ultimately though, if we were to break down below the 200 day EMA that could be a very negative sign indeed.
SILVER Video 15.11.19
At this point, silver is starting to slump, and I think a lot of this may be due to the fact that the Federal Reserve is looking to hold its monetary policy still, but there are a lot of concerns out there that could drive a precious metals. Silver also has an industrial component to it though, so that of course is going to cause issues. Ultimately, I believe that the market will continue to see a lot of noise in general, so with that being the case it’s prudent that you keep your position size rather small in the meantime.
Although the candlestick for the trading session on Thursday left a lot to be desired, one would have to assume that we are still in an uptrend as long as we are above the 200 day EMA. A break above the highs from the Thursday session could open up the door to the 50 day EMA above, but whether we can break through there is a completely different situation.
Please let us know what you think in the comments below
This article was originally posted on FX Empire
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