During the trading session on Tuesday we have seen the silver market break out above the $15.50 level. This is obviously very bullish turn of events, and it now looks as if we are going to go towards the $15.75 level, which is typical of this market, moving in $0.25 increments. I recognize the $15.50 level should be supportive, so therefore it’s very likely that we are going to see pullbacks bought at this point, as silver has shown such strength.
SILVER Video 17.07.19
Keep in mind that the Federal Reserve is going to cut interest rates, so that will more than likely put upward pressure on metals in general. However, Silver was on its own during the trading session which is very odd. That being said though, silver has outperformed gold during the day, and it is the only thing you should pay attention to. This could foretell of buying in the gold market, or perhaps it shows that we are going to see silver take the leap. Either way, precious metals do appear to be going higher and therefore I don’t have any interest in trying to short either one of them.
The candlestick of course is very bullish and the fact that we are closing towards the top of it shows that there is a lot of momentum still here, so I think pullbacks continue to offer the best opportunities to get long of silver, and therefore I will be looking for buying opportunities only. I have no interest in shorting either one of the precious metals markets these days.
Please let us know what you think in the comments below
This article was originally posted on FX Empire
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