Silver markets have gone back and forth during the trading session on Monday, forming a somewhat neutral candle, but it did initially fall to test the 200 day EMA. The silver markets have seen a significant break down, as the market has gone all over the place from “risk on” to “risk off”, sometimes within a matter of minutes. The silver markets of course is considered to be a safety play in general, and as a result it’s likely that the market will continue to look at geopolitical situations to determine where to go next. At this point, I have a couple of levels that I am paying close attention to.
SILVER Video 12.11.19
The $17.00 level above is crucial for me, and if we break above there on a daily chart then we could go higher, perhaps reaching towards the $17.50 level. Alternately, if the day closes below the 200 day EMA, then it’s likely that the market goes down to $16.00, and then $15.50 level after that. This is a market that is on the precipice of breaking down significantly, and perhaps reaching down towards the $15.00 level over the next several weeks if this type of negative pressure continues. However, things turn around and break above that $17.00 level, it’s very possible that we could go much higher. In general, this is a market that needs to make a significant decision rather soon, and I think we are about to see it happen. Pay attention to these levels, they will matter.
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This article was originally posted on FX Empire
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