- What an explosive move for the silver market as we initially pulled back just a bit during the trading session.
- But now we've seen it absolutely launch about two and a half percent as the speech from Jackson hole by Jerome Powell pretty much reiterated that at least there is thought by the federal reserve cutting interest rates.
- The size of this candlestick does suggest that there might be further upward momentum, but that doesn't mean we get there overnight.
We are threatening the crucial $39 level and whether or not we can close above there heading into the weekend, we'll wait and see. But short-term pullbacks, I think you've got an opportunity that somewhere around the $38 level would be a bargain. I don't even think we get that low.
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Silver is going to appreciate based on the weaker us dollar, but with this, I think if we just break the top of the candlestick, we'd probably go looking towards the $40 level. The $40 level is an area I've been paying close attention to for some time. If we break above the $40 here, then it's likely that silver does the whole market measured move here, possibly going to the $42.50 level.
Short-term pullbacks and I think have plenty of support all the way down to at least the 50 day EMA. The $37 50 cents level has been important previously. Ultimately, this is a market that I think continues to see a lot of volatility. And I do think that it is likely that we continue to see a situation where you have to be really careful with your position size, but clearly, we're still very much in the uptrend. think that remains the case going forward. And Friday did nothing to change that.
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