Silver Markets Technical Analysis
Silver has gone back and forth in rather choppy short-term type of trading on Wednesday. As we continue to look for some type of big picture move, the $28.50 level underneath continues to offer plenty of support and with that being the case, the market is also paying close attention to the 50 day EMA. At this point, if we can break above the 50 day EMA, we could go looking to the $30 level next. The $30 level of course is a large round psychologically significant figure and that is an area that I think will cause a lot of noise.
Nonetheless, this is a market that pulling back the way it has offered a little bit of a value play and I think people are starting to take a look into it. A breakdown below the $28 level could open up a move down to the $26 level, which of course is where the 200-day EMA currently resides.
Either way, I do think that silver continues to follow its momentum and I believe that an entry point at this juncture, and therefore I think we go higher. Eventually, it is going to be very difficult to put on a position of size at the moment, but at this point, I do think you have to start looking to the upside as this market has been very strong in the recent past, and we are starting to see buyers at least push back in the early hours of the session again.
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This article was originally posted on FX Empire
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