Silver Forecast Today 06/05:From Daily Forex (Video)

(MENAFN- Daily Forex)

• From Daily Forex, this is Chris taking a look at the silver market. Silver initially did try to rally during the trading session on Monday, but keep in mind it was Memorial Day in the United States. So, there was a serious lack of liquidity as volume was a little weaker than usual.
• It's not a huge surprise to see that we are still very much in the same range that we have been in for the last month, month and a half.
• So really at this point in time, I'm looking at the $34 level with great interest. And if we can break above there on a daily close, then I think it opens up a move to the $35.50 level, which was the latest swing high and basically a multi-year high as well. If we pull back from here, the $33 level, of course, will offer support as it is an area that's been important multiple times. And of course we have the 50 day EMA sitting just below there.

Flat EMA Suggests Sideways Still

The 50 day EMA is relatively flat, so it does suggest that we don't really have anywhere to be, at least not right now. And if that's the case, more range bound sideways trading makes sense. If we break down below the 50 day EMA, then it opens up the possibility of a move down to the $32 level. The $32 level of course has been very reliable.

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So, breaking down below there really gets silver selling off. But right now, I think this is more or less going to be a situation where buyers are willing to step in on each and every dip to take a certain amount of value out of the market. I think metals right now are continuing to be a little bit noisy due to the fact that the US dollar is oversold. And of course, the bond markets have been all over the place. Silver is a little bit different in the sense that it is an industrial metal as well, which of course is going to pay close attention to trade negotiations and economic growth or weaknesses. So, silver tends to be a little noisier than gold. And if gold rallies, silver will follow or sometimes vice versa. I have no interest in shorting, at least not until we break down below the $32 level. I still like the idea of short-term dips for short-term trades.

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