Silver Forecast Today 14/6: Keeps Up Volatility (Video)
Date
6/14/2024 4:40:26 AM
(MENAFN- Daily Forex)
Silver has fallen pretty significantly during the trading session on Thursday but has turned around to show signs of life. The 50 day EMA is an indicator that has captured quite a bit of attention, and it's worth noting that initially we shot higher with the weaker than anticipated PPI numbers coming out of the United States but have since turned around. This suggests that perhaps we are going to be stuck in somewhat of a consolidation phase. Underneath I see the $28.50 level as a potential support level. After all, it was an area that previously was significant resistance.
So, with that being said, a little bit of market memory should come into the picture. To the upside, the $30 level continues to attract a lot of attention. And if we were to perhaps break above the $30 level on a daily close, then I think we could start to rally rather significantly. Regardless, I think you get a lot of noise in this general vicinity, and you have to trade it as such and therefore you need to be cautious with your position sizing.
Nonetheless, we are in an uptrend, so I still favor the upside despite the fact that it has been extraordinarily difficult over the last couple of weeks. If we were to break down below the $28 level though then it's possible that we could see a deeper correction perhaps even a major trend shift. Regardless, you need to keep your position size reasonable. I cannot stress this enough.
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Caution is the better part of valor
As the silver contract in the futures market is much larger than many of the other ones, and this can be seen not only due to the contract size but the massive amount of margin that is needed to trade the market, you should remember that the CFD market moves based on the movement in the futures pits. Because of this, position sizing should always be much smaller in this market. Regardless, I do think that sooner or later the buyers will eventually take over yet again.
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