Silver markets rallied a bit during the trading session on Friday, pausing just below the 200 day EMA. This is a market that continues to show signs of exhaustion just below the previous uptrend line, so at this point I am more apt to start selling silver, especially if the US dollar can hold its own. It has been strengthening as of late which is truly impressive considering that the Federal Reserve has stepped out and suggested that they are staying away from interest rate hikes until at least 2020.
SILVER Video 25.03.19
Looking at this chart, we continue to form a shooting star like candle’s, so that tells me that there is an extraordinarily strong amount of resistance above. With that, it’s very likely that we could go down to the $15.00 level given enough time. On the other hand, if we can break above the top of the shooting star from the Thursday session, we would not only break the 200 day EMA and the top of a shooting star, but we would also clear the previous uptrend line, showing extreme amounts of strength. If we did do that, we should probably go to at least the $16.00 level above, which of course attracts a lot of attention.
To the downside I believe that the $15.00 level underneath is going to be massive in its implications of support, so I would be a bit surprised to break down below there but if we did then I think we are looking for a move down to the $14.50 level.
Please let us know what you think in the comments below
This article was originally posted on FX Empire
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