Silver markets went back and forth during the trading session on Thursday, as we continue to bounce around just below the $15.00 level. At this point, the market is likely to see a lot of noise in this area, because it is such an important figure from a psychology standpoint. Furthermore, the market has also seen action here previously, so it looks very likely that the market is going to continue to see some type of reaction. The candlestick from the trading session shows a bit of hesitation, so therefore I think it’s only a matter of time before we rollover. That being said, there is also the possibility that we do shoot to the upside and continue going higher, and I think that would be confirmed on a move above the $15.25 level.
SILVER Video 27.03.20
Above there, the market then goes looking towards the $16.00 level, which is a significant psychologically important level as well. But has the 50 day EMA approaching it to offer a bit of resistance as well. Because of this, I think it makes quite a bit of sense that we could see a significant amount of selling pressure. Alternately, if we simply break down below the bottom of the candlestick for the trading session on Thursday, then it’s very likely that the $14.00 level gets tested and then eventually the $13.00 level, which was the scene of the recent break out. Quite frankly, a pullback to that area does make quite a bit of sense as these types of meltdown markets quite often need to retest the lows again to find a longer-term bottom.