Money markets pulled back significantly from Tuesday’s trading session as the 200-day EMA offered significant resistance. Last Friday’s shooting star was the start of that, so now it looks like we’re going to be looking to the 50-day EMA. If we can keep falling from here, I think it’s only a matter of time before we turn to the 50-day EMA. The market will continue to be very loud, but if we close towards the lower end of this range, it usually means that we will see a continuation in the next session.
SILVER Video 27.10.21
When you look at this chart you can clearly see that we have seen a lot of loud behavior, but it is more than likely that it will continue to play against the value for money. Silver is tied to a certain industrial demand, so there is some attention that will be given to the market. On the other hand, if we were to get around a breakout above the $ 25 level, chances are we would go much higher.
I don’t think that’s happening in the short term, as it’s clear that we need to at least see a slight pullback. I expect to see a lot of loud behavior, but at the end of the day it’s likely that we need to be careful about our position size because quite frankly, volatility could cause serious problems and damage your account if you do not pay attention.
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This item was originally posted on FX Empire