Silver markets initially gapped a little bit lower to kick off the
trading session on Tuesday but then turned around to show signs of
strength again. The market has reached towards the $26 level, which is
an area that had previously been resistance. Nonetheless, I think it is
only a matter of time before buyers come back in and take advantage of
“cheap silver”, as it has found the 50 day EMA to be interesting more
than once. To get more news about WikiFX,
you can visit wikifx official website.Furthermore, we had formed a bit
of a hammer from the previous session, so that was the first sign that
we could see a bit of support coming into the market to reach towards
the upside again.
The 50 day EMA is not necessarily the “be-all and end-all”, but it
certainly does tend to attract a certain amount of attention. The $24
level underneath is likely to be supported, as it has shown itself to be
more than once in the past. Nonetheless, the fact that we have broken
above the $26 level before suggests that we very well could again,
perhaps reaching towards the $28 level. I do not think that it is a
market that will eventually go much higher than that, due to the fact
that the US dollar will continue to be eviscerated.
The 200 day EMA underneath is sitting at the $22.77 level, and
that could of course attract a certain amount of support as well.
Regardless, I think that the market is one that you cannot be a seller
of, so I think every time we dip you should be looking at potentially
adding just a bit of silver to a longer-term position.