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MENAFN- Daily Forex)
Silver has been a little bit noisy during the trading session on Monday, but quite frankly that should not be a huge surprise considering that the futures market will have been basically driven by electronic overnight trading. With the Americans celebrating Presidents' Day, a lot of major players may not have been in the market. Furthermore, it's probably worth noting that Friday was a bit of a disaster after looking so promising, and that might keep certain people out of the market, as they could be a bit more skittish about the type of behavior.
Technical Analysis
The technical analysis for this market is somewhat bullish, but it's worth noting that the $32.35 level seems like a bit of a brick wall. If we can break above that brick wall, and perhaps more importantly, stay above that brick wall, then we could get very bullish. The candlestick from the Friday session ended up being a massive shooting star, and that is something that a lot of people need to be cognizant of, because it shows just how hard it is going to be for silver to continue higher
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On the pullback, the market could very well go looking toward the 50 Day EMA, currently sitting just above the $31 level. It's probably worth noting that the $31 level of course is a large, round, psychologically significant figure, and an area that has been important more than once. I do believe that the certain amount of“market memory” could come into the market at that point, but we will have to wait and see. Remember, silver ends up being a lot more volatile than gold most of the time, and until gold really starts to run away to the upside, I anticipate that silver will probably continue to struggle.
It's also imperative that you remember that silver is also an industrial metal, and there are a lot of concerns about industry at the moment as tariffs coming out the United States could disrupt quite a bit of momentum globally. Only time will tell, but it certainly looks like a scenario where it's probably worth being a bit cautious in this market.
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