Silver markets rallied significantly on Thursday, reaching towards the $14.60 level, but it’s very likely that we will find sellers above at the downtrend line that I have marked on the chart. The $14.85 level is also resistance, and I think it’s only a matter time before we see signs of exhaustion that come into the market. At that point, I am more than willing to start selling again as I believe that silver markets are destined to go much lower. That being said, there is always the alternate case that you need to keep track of it as well.
SILVER Video 24.05.19
That alternate case would be a daily close above the $14.85 level, and then perhaps the $15.00 level. If we break above there, then the market is very likely to continue going higher. However, I think it’s very unlikely to happen, and I think this will more than likely be a nice selling opportunity as we not only have the down trend lines and previous support and resistance, but we also have the 50 day EMA just above as well. This is a market that has been selling off for quite some time and I don’t think that changes in the short term as silver has the misfortune of not necessarily being a safety commodity, but more of an industrial one these days, and of course there are a lot of concerns out there about global trade and global economic growth going forward.
Please let us know what you think in the comments below
This article was originally posted on FX Empire
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