Followers | 689 |
Posts | 143817 |
Boards Moderated | 35 |
Alias Born | 03/10/2004 |
Thursday, May 05, 2022 11:51:32 AM
By: Christopher Lewis | May 5, 2022
• The silver markets gapped higher to kick off the trading session on Thursday but have given back quite a bit of the gain.
Silver Markets Technical Analysis
Silver markets initially shot higher at the open in the futures market, and then rallied to reach the $23.35 level. However, we have started to pull back a bit from that level, just as we had done so many times previously. The candlestick looks as if it is suggesting that we could drop down to the $22 level again, and an area that is major support. This does make a certain amount of sense considering that the US dollar has rallied quite drastically, especially after Jerome Powell has essentially promised to raise interest rates by 50 basis points over the next couple of meetings.
On the other hand, if we were to break above the top of the candlestick for the trading session on Thursday, that would be a bullish sign, but I also see multiple areas of resistance that extends all the way to the $24 level. It looks as if the momentum is starting to fail a bit, so a pullback makes quite a bit of sense.
At this point, I am paying more attention to the US Dollar index than anything else, as it has such a strong negative correlation to silver. Even if we do rally a bit, this has been nothing short of a catastrophic collapse down to the bottom of the range, so therefore I do not necessarily think the buyers are suddenly going to turn things around and less something changes quite drastic in the minds of traders. If you are looking for safety via commodities, you have a much better chance of finding it in the gold market, because if we do get an economic slowdown, demand for silver will start to drop again.
Read Full Story »»»
DiscoverGold
Information posted to this board is not meant to suggest any specific action, but to point out the technical signs that can help our readers make their own specific decisions. Caveat emptor!
• DiscoverGold
North Bay Resources Commences Operations at Bishop Gold Mill, Inyo County, California; Engages Sabean Group Management Consulting • NBRI • Sep 25, 2024 9:15 AM
CEO David B. Dorwart Anticipates a Bright Future at Good Gaming Inc. Through His Most Recent Shareholder Update • GMER • Sep 25, 2024 8:30 AM
Cannabix Technologies and Omega Laboratories Inc. Advance Marijuana Breathalyzer Technology - Dr. Bruce Goldberger to Present at Society of Forensic Toxicologists Conference • BLOZF • Sep 24, 2024 8:50 AM
Integrated Ventures, Inc Announces Strategic Partnership For GLP-1 (Semaglutide) Procurement Through MedWell USA, LLC. • INTV • Sep 24, 2024 8:45 AM
Avant Technologies Accelerates Creation of AI-Powered Platform to Revolutionize Patient Care • AVAI • Sep 24, 2024 8:00 AM
VHAI - Vocodia Partners with Leading Political Super PACs to Revolutionize Fundraising Efforts • VHAI • Sep 19, 2024 11:48 AM