Silver markets have spent most of the week trying to rally, but above the $28 level we continue to see a lot of selling pressure. By forming a massive shooting star, it suggests that the market is probably going to pull back again, but I think this will end up being a buying opportunity before it is all said and done. Ultimately, the market is likely to see buyers underneath, as we have seen a massive trend line form and basically what could be thought of as an ascending triangle.

SILVER Video 24.05.21

Adding more fuel to the fire as the fact that the US dollar has been on its back foot for a while. That of course helps commodities in general, and certainly silver will be no different. After all, the silver market is priced in US dollars, and people will look to get away from fiat currency and go into hard currency such as silver and gold when that happens. Ultimately, I do think that the $26 level and the uptrend line both are worth paying attention to. At the first sign of support on a daily candlestick, I would be looking to go much higher. All things been equal, this is a market that I believe cannot be shorted anytime soon, at least not until we break down below the 50 week EMA.

All things been equal, if we can break above the $30 level, we could open up all the way to the $50 level, which is of course where we had tried to get to a couple of times in the past but has also seen massive amount of selling.

For a look at all of today’s economic events, check out our economic calendar.

This article was originally posted on FX Empire


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