Silver Markets Weekly Technical Analysis
The silver market has been all over the place during the course of the trading week, as we continue to see a lot of noise. The $28.50 level underneath should continue to be support as it was previous resistance. That is an area that I think a lot of people will be paying close attention to. And the fact that we have bounced from there does show some signs of life at the end of the week. That being said, this is a market that had rallied so much that I think it does need to take a little bit of time and catch its breath. If we can rally and break back above the $30 level, then I think we’ve got a real shot at a move towards the $32 level.
The $28.50 level being broken to the downside could open up a move all the way down to $26 and that could be rather devastating. We’ll just have to wait and see. Remember that silver is not only a precious metal, but it’s also an industrial one. So that’s part of what’s driving this as well, as people might be worried about the global growth situation.
In general, I expect a lot of volatility and I’d be very cautious with my position sizing as it can get you into serious trouble in a market like this, that is so highly volatile and highly levered.
For a look at all of today’s economic events, check out our economic calendar.
This article was originally posted on FX Empire
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