Both Friday and Monday have seen buyers coming in, not to mention the fact that Thursday with a gap lower that got filled and rallied drastically afterwards.
Looking at this chart, you can also see that the 200 day EMA underneath has offered a bit of support, as we continue to dance around just above that level, and below the 50 day EMA. Because of this, the market looks as if it is ready to continue to go back and forth, and at this point it’s likely that the market participants will continue to pay attention to both of these moving averages out as they are quite well known, and therefore it’s likely that the market is not only testing the area between these moving averages, but also the 50% Fibonacci retracement level.
SILVER Video 03.12.19
Underneath the 200 day EMA, and only just below there, we have the 61.8% Fibonacci retracement level at the $16.41 region. All things being equal though, it’s likely that the markets will continue to see a lot of volatility and choppiness, especially in silver when it comes to commodity markets as it tends to be a lot more volatile. That being said, the more risk that there is out there, the more likely it is that precious metals in general get a bit of a boost, and of course silver will be any different. With this, I am a buyer on signs of strength.
This article was originally posted on FX Empire
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