Silver markets initially pulled back during the trading session on Thursday but has found plenty of buyers underneath the $17.00 level to turn around of form a supportive looking candle stick. Ultimately, I think there is plenty of support all the way down to at least the $16.50 level, an area that had previously been massive resistance. With that being said, I think it’s only a matter of time before value hunters come back in, and with the central bankers meeting out of Jackson Hole over the next couple of days one would have to think it’s only a matter time before something dovish is set.
SILVER Video 23.08.19
So far, we’ve heard a couple of minor central bankers suggest that interest rate cuts are necessary, but it also appears that the markets didn’t believe that for more than about five minutes. That being said, the markets have been pushing central banks into action, and I think precious metals market won’t be any different. Ultimately, as long as we can stay above the $16.50 level, then I think the market goes higher. If we break down below there then we could test the 50 day EMA which is painted in red. To the upside, I believe that the $17.50 level above would be a target, and if we can break above there then we could keep the longer-term uptrend going. Keep in mind that the $18.00 level is the epicenter of a lot of noise.
Please let us know what you think in the comments below
This article was originally posted on FX Empire
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