Silver markets tried to rally a bit during the trading session on Thursday but got rolled over again as we continue to hover around the $15.70 region. This is an area that should begin support, so I think that we could get buyers at this point but the 20 day EMA is starting to roll over a bit. What does this mean? This means that we could very well drift a little bit lower. I think we may need to test the $50.50 level underneath to find more buyers. It’s not a huge surprise that we struggled just above the $16 level considering that it is a large, round, psychologically significant figure and an area that where we had seen a lot of action in the past.
SILVER Video 08.02.19
However, you can make an argument for a bit of an uptrend just below be informed by an extended line that is close to the $15.50 level as well, so I think pullbacks will be looked at as potential buying opportunities. The 200 day EMA underneath of course will offer support, so I think there’s enough to believe that the buyers will continue to go into this market and look for value as the Federal Reserve looks to be a bit soft. With that in mind, I’m looking for value at lower levels to take advantage of just as I am and other precious metals like platinum and gold. I believe the US dollar is going to struggle 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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