Silver markets initially broke higher during the trading session on Tuesday, breaking above the highs of the last several days which of course was a good sign. However, we haven’t exactly exploded to the upside so it looks as if silver will continue to struggle just a bit. That being said, there is a lot of support just below and it should continue to offer an opportunity for those looking to go long to measure risk. Your risk is the 200 day EMA at the $16.537 level, which is a major technical indicator. At this point, the market is very likely to continue to see a lot of choppy behavior but that being said I believe that it’s only a matter of time before the market needs to make up some type of decision.
SILVER Video 20.11.19
On a move below the 200 day EMA, that opens the door to the $15.50 level, but on a move above the 50 day EMA above, that means that we will more than likely test the $17.50 level, and then the $18.00 level next. Breaking that level would confirm that the uptrend is very much intact, and we would go much higher that point, probably targeting the $20 level again. Regardless, this is a market that is very choppy and of course very impulsive, as there are a lot of geopolitical concerns around and headline noise when it comes to the US/China trade situation that will continue to cause issues in all risk assets, with silver being no different.
Please let us know what you think in the comments below
This article was originally posted on FX Empire
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