Silver markets have rallied again during the trading session on Tuesday as we continue to see a lot of weakness in the US dollar. That being said, we are starting to approach an area that could cause a significant amount of resistance. With that in mind, I like the idea of picking up value when it occurs, especially as the $28 level sits just underneath, which had previously been massive resistance. Ultimately, I think that the market will go looking towards the $30 level, but it is going to be difficult to break above. If we do, then it opens up the possibility of reaching towards the $50 level, from a longer-term standpoint. We have seen this happen a couple of times in the past, and it clearly looks as if we are trying to do the same type of move over the longer term.
To the downside, we could go as low as $26, perhaps even towards the $25 level. The 50 day EMA currently sits at the $24.15 level, and racing towards that area as well. The market does run the risk of forming a little bit of a “double top”, but I think that is a temporary situation as the Federal Reserve is going to continue to flood the market with liquidity, thereby driving the value of the US dollar lower, which has a “knock on effect” of driving silver higher.
All things being equal, believe that buying on dips continues to be the best way forward, not only was silver with all types of commodities, but this is especially true with precious metals. This goes across the board, not just silver, but also palladium, platinum, and of course gold. #Silver##XAG/USD#
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