Silver markets have pulled back a bit during the trading session on Thursday as we continue to consolidate below the $16 level. I think the $15.50 level underneath should continue to be support, just as the 20 day EMA will underneath. I think at this point, it’s obvious that silver is bullish and with the Federal Reserve acquiescing to the Wall Street pressure, it looks as if they are going to try to keep the value of the US dollar down.
SILVER Video 11.01.19
Looking at this chart, I think that the massive support is closer to the $15 level, an area that would be an excellent buying opportunity if we do pull back to that level. However, I don’t think we are going to, based upon the very bullish move that we recently had. If that’s going to be the case, I like the idea of buying short-term pullbacks in little bits and pieces, adding to my position as it works out. If we can break above the $16 level, then we should have the next leg up, which sends this market looking for the $17 level over the longer-term. Quite frankly, Silver had been basing for ages, so I think we are looking at a longer-term changing trend. I like the idea of buying and holding, but therefore you have to keep your position size small enough to handle the volatility. In general, I don’t have any interest in shorting this market anytime soon.
This article was originally posted on FX Empire
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