Silver markets went back and forth during the session on Thursday as we continue to hover just above the $17.00 level. That obviously is a large round number that will attract a lot of attention, and as a result it should be paid attention to how the market is reacting to this level. We have bounced from there couple of times over the last couple of days, so I think we are going to go higher given enough time, but it’s going to be more of a grind than anything else. With that in mind, I like the idea of buying short-term pullbacks, but I would only do so in small positions.
SILVER Video 22.11.19
Underneath, there is the 200 day EMA which of course offers a lot of support, just as the uptrend line does. At this point, the market is likely to continue to go higher given enough time but there are a lot of things working against it as well. The 50 day EMA above is going to cause a certain amount of resistance near the $17.39 level, and then possibly the $18.00 level which we had broken down from previously. Looking at this market, we have hung onto the uptrend line and that is something that’s necessary to continue the overall uptrend in general. The pullback had been rather long, but it seemed more like a long in control dissent more than anything else. That is a good sign because this hasn’t been impulsive, to simply the market digesting gains.
Please let us know what you think in the comments below
This article was originally posted on FX Empire
More From FXEMPIRE:
- Crude Oil Price Update – Downtrending Gann Angle at $58.48 Potential Trigger Point for Acceleration to Upside
- USD/JPY Price Forecast – US Dollar Undecided Against Japanese Yen
- Gold Price Prediction – Prices Slip as the Dollar Gains Traction
- GBP/JPY Price Forecast – British Pound Continues To Flag
- E-mini Dow Jones Industrial Average (YM) Futures Technical Analysis – Pivot at 27733 Controlling Direction
- EUR/USD Price Forecast – Euro Shows Choppy Behavior Yet Again