Silver markets drifted a bit lower during trading on Tuesday, reaching towards the bottom of the that is a good looking candle stick and it sits right on top of a previous cluster. The fact that we are already starting to recover a bit in the silver market does in fact suggest that we are likely to continue to find buyers just below though, but it should be noted that the Gold markets have taken a real bashing during the day, so it’s likely that the silver market will come under a bit of pressure. However, silver can hold it may pick up gold up with it.
SILVER Video 17.04.19
If we break down below the $14.75 level, then I feel that the market is probably going to go looking towards the $14.50 level which is the next major support area. Overall, this is a market that continues to find resiliency, but it has been grinding lower in general. If that continues to be the case that eventually we will break down but at this point we still have some work to do.
The other side of the equation is that perhaps we find enough bullish pressure to break above the $15.25 level, which would be a swaying in the attitude of the market and could send Silver much higher. All things being equal though it looks as if we are likely to see short-term rallies sold off so at this point that’s probably what we will be focusing on more than anything else, simple “sell the rallies” short-term trades.
Please let us know what you think in the comments below
This article was originally posted on FX Empire
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