Silver markets have rallied significantly during the trading session on Tuesday, reaching towards the $17.85 level as I record this. That being said though, we are testing the bottom of an uptrend line that had been broken. If we can break above there though, it’s likely that the market will continue to go much higher. Ultimately, pullbacks at this point should be buying opportunities and therefore silver looks likely to continue going higher. That being said though, the 50 day EMA underneath should be a massive support level as well but given enough time it’s likely that the market participants will continue to flood into silver as we are starting here rumors of bank runs and China.
SILVER Video 26.12.19
That being said, short-term pullback should continue to be buying opportunities as we have gotten a little bit extended. Overall though, I believe that if we can clear above the $18.00 level, the market is likely to go looking towards the $20.00 level given enough time. Overall though, this is a market that does tend to be explosive, so you should be cautious about position size, especially this time year as the markets will be a bit thinner than usual. Nonetheless though, this is a market that certainly seems have to have picked its direction, so with that in mind you should be cautious, but much like myself, cautiously optimistic more than anything else. Selling is in a thought as long as we are above the 50 day EMA.
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This article was originally posted on FX Empire
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