Silver Forecast Today 22/11: Gives Up Initial Gains (Video)
Date
11/22/2024 4:25:07 AM
(MENAFN- Daily Forex)
Silver initially did try to rally during the trading session on Thursday, but it looks like the 50-day EMA is going to continue to offer resistance. This is right around the $31.33 level and has consistently been followed by traders over the last several months for either support or resistance, so I do pay attention to it. The fact that the candlestick is forming a bit of an inverted hammer, while at the same time, interestingly enough, the Gold market looks very bullish.
Sometimes silver will move right along with
gold and other times it won't. And when gold is rallying the way it is, I think for a safety trade, silver is a little less attractive. This is mainly due to the fact that silver is extraordinarily volatile. It's a much larger contract, or tick, and it of course is an industrial metal.
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So, are we going to see some type of global slowdown? We don't know. But I do know that this tells me that people are not willing to step out on the risk spectrum, at least not enough to get involved in silver. Now that doesn't necessarily mean that we're going to break down rather drastically. But what I think this does show is that we are going to continue to see the market have to hang on to this $30 level for support.
If we were to break down below the $30 level, then you could see the market breakdown towards the 200 day EMA. But right now, I think we're still consolidating, trying to digest the recent selling pressure and sort out whether or not we are going to go higher. The US dollar strengthened during the session, putting downward pressure on silver as well. So do keep that in mind when trying to trade this market, as well as many other commodities.
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