Silver markets went back and forth during the day on Monday with an upward tilt, as we are basically at the “point of control” of the last 30 days, meaning the area where the most volume has been traded in the futures market. That being the case, it’s very likely that we aren’t ready to go significantly higher or lower, and we will simply continue to bounce around between the $15.00 level underneath and the $15.50 level above. At this point, the market is essentially right in the middle of this area, so I’m not overly compelled to put a lot of money to work in the silver market right now. However, there are couple of things that make me lean in one direction.
SILVER Video 16.07.19
The Federal Reserve cutting interest rates in July should continue to help silver and other precious metals as well, but the question now is going to be whether or not they cut 25 or 50 basis points. Another thing that we are going to be paying attention to is whether or not the Federal Reserve is likely to continue cutting, and if they do sound like they are more than likely going to do that, then it’s very likely that we will finally break through the $15.50 and start reaching towards the $16.00 level as well. All things in equal though, this is a market that will probably continue to chop around in the meantime. I believe that the $15.00 level underneath should offer massive support.
Please let us know what you think in the comments below
This article was originally posted on FX Empire
More From FXEMPIRE:
- European Equities: A Light Calendar Leaves Earnings and Trade in Focus
- Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 17/07/19
- Forex Daily Recap – Mexican Peso Tanks 0.4% on Pemex Refinancing Plan
- Strong Data Does Not Interfere With The Dovish CB Policy
- Renewed US-China Trade Woes Weigh on Asian Shares
- Natural Gas Price Prediction – Prices Tumble as Hurricane Scare Fades