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silver markets pulled back significantly from Tuesday’s trading session as the 200-day EMA offered significant resistance. Last Friday’s shooting star was the start of that, so now it looks like we’ll be looking to the 50-day EMA. If we can continue to fall from here, I think it’s only a matter of time before we look to the 50-day EMA. The market will continue to be very noisy, but if we close down from this range, it usually means that we will see continuation in the next session.
SILVER Video 27.10.21
When you look at this chart you can clearly see that we’ve seen a lot of noisy behavior, but more than likely it will continue to play against the value for money. Silver has a certain industrial demand attached to it, so there is some attention that will be given to the market. On the other hand, if we were to reverse a break above the $25 level, we are likely to go much higher.
I don’t see that happening in the short term though, as clearly we need to see at least a slight pullback. I expect to see a lot of noisy behavior, but at the end of the day, it’s likely that we have to be careful about our position size, because quite frankly, the volatility could cause major worry and damage your account if you do not pay attention.
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This article was originally published on FX Empire
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