Silver Forecast Today 29/11: Bounces From Trendline (Video)
Date
11/29/2024 4:18:09 AM
(MENAFN- Daily Forex)
Silver initially fell during the early hours on Thursday, only to turn around and show signs of life as we bounce directly from a trend line. With that being said, I think you've got a situation where as long as we can stay above the $30 level, you would have to be interested in silver, and it could very well bounce pretty significantly from here and not change a whole lot.
After all, we've got the 50 day EMA above offering resistance, but it's an area that the market's been attracted to more than once, right around the $31.20 level. If we can break above there, then the market could go looking to the $34 level. On the other hand, if the market were to break down below the trend line and by extension the 200 day EMA just below there, then the silver market could change quite a bit and start falling.
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That being said, I think you've got a situation where traders continue to look at this through the prism of trying to find value in an uptrend. Silver is an industrial metal, so it is a little bit different than trading gold, but in general, they tend to behave somewhat similarly. There is a knock on effect from gold into silver and vice versa. Friday might be thin because it is the day after Thanksgiving, so the futures markets will be losing some of the larger firms in New York.
All things being equal, it's pretty common for Americans to take the day after Thanksgiving off as well. But at this point in time, it does look like we're willing to at least defend this area. And this could end up being a decent entry point for silver, we'll just have to wait and see. Silver is volatile. So, make sure you keep your position size reasonable, but we're still in an uptrend by all accounts.
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