Silver Forecast Today 17/6: Finds Buyers On Drops (Video)
Date
6/17/2024 2:44:31 PM
(MENAFN- Daily Forex)
Silver rallied nicely during the trading session here on Friday, as the 50-day EMA has offered a certain amount of technical support. Furthermore, we have the $28.50 level underneath there offering support, so I think it all ties together quite nicely. This is a market where the traders continue to look at each dip as a potential buying opportunity and therefore, I think you have to look at it through the prism of trying to find value.
If we do break above the $30 level then it allows silver to go much higher, perhaps as high as $32. That being said, keep in mind this is a very noisy and choppy and sluggish market.
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Occasional Pullbacks Likely
So, we will get the occasional pullback that could cause some headaches. In this environment, I think you have to still look at the longer term trend, but you also have to recognize the fact that once you do buy silver , you don't want to get bogged down in the position. When it comes time to take profit, you take profit. You don't hang on for a longer term move just simply because it is so noisy at the moment that you could end up turning a winner into a loser very quickly if you are not cautious. All things being equal, I do think that we go higher and in fact, I think we probably go much higher based on what I've seen.
However, I also recognize that if we break down below that $28.50 level, it very well could send silver spiraling down to the $26 level, where I think the actual trend, itself is defined. This has been a very noisy couple of weeks, but it does show a certain amount of resiliency that you have to be cognizant of. With that, I am positive on silver, albeit not aggressively so, as this is a market that although it is very positive, the reality is that it is also a very dangerous one, so I tend to trade silver in much smaller positions and I do other commodities such as oil or gold.
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