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Silver Price Forecast – Silver markets go back and forth on Tuesday

By:
Christopher Lewis
Updated: Jun 25, 2019, 16:57 UTC

Silver markets were all over the place on Tuesday, as we continue to pound up against the $15.50 level. However, there is a lot of questions when it comes to global growth and stability, so that does help precious metals in general.

Silver daily chart, June 26, 2019

Silver markets went back and forth during trading on Tuesday, showing signs of confusion and exhaustion. This is a market that has been bullish, although not nearly as bullish as the Gold markets have been. But that in mind, it makes sense that we continue to see a lot of choppiness and sideways action as the markets have no idea what they want to do. Machines have taken over and quite frankly we have almost all correlations breaking down at the same time. We are now in the world that has bonds, stocks, and precious metals all going up at the same time.

SILVER Video 26.06.19

Because of this, you simply must ignore other markets and focus on the one your trading. Silver is going higher overall, so it makes sense to buy dips going forward. With all that, it’s very likely that this market continues to see buyers on dips, as the 200 day EMA is sitting underneath and providing support. Below there, we have the $15 level so the gap from a couple of days ago should hold as well. The $15.50 level will be resistance as per usual, but if we can break above there it’s likely that we go to the $15.75 level, perhaps followed by the $16.00 level over the longer-term. Look at pullbacks as value unless we break down below the $15.00 level on a daily close. That’s really all you can do in a market that shows no correlations to anything else at this point.

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About the Author

Being FXEmpire’s analyst since the early days of the website, Chris has over 20 years of experience across various markets and assets – currencies, indices, and commodities. He is a proprietary trader as well trading institutional accounts.

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