FX Empire

Silver Price Forecast October 9, 2017, Technical Analysis

Silver markets were extraordinarily volatile during Friday’s trading session, as the job numbers came out and sank Silver, only to see the market turn around and explode to the upside after it was announced that North Korea was testing a missile over the weekend that could reach the West Coast of the United States. However, … Continue reading Silver Price Forecast October 9, 2017, Technical Analysis · FX Empire
Christopher Lewis
Updated

Silver markets were extraordinarily volatile during Friday’s trading session, as the job numbers came out and sank Silver, only to see the market turn around and explode to the upside after it was announced that North Korea was testing a missile over the weekend that could reach the West Coast of the United States. However, I think that a lot of the safety trade in precious metals is starting to wear off, because the reaction, although strong, is already starting to turn around slightly. Every time the precious metals rally due to North Korea, we see a smaller affect and certainly a shorter duration effect in the market. With that in mind, I believe that the market is going to continue to hang about the $16.50 level, which has been supportive. I think the next move is rather simple, it’s either going to be to the $17 level, or the $16 level. $16.50 is essentially “fair value” at the moment, and I think that’s going to continue to be the case. After all, with an employment number that was negated by a couple of hurricanes, and more of the same noise coming in from Pyongyang, it’s difficult to think that anything has changed.

This is the reason that I stay away from precious metals near the jobs report, they can react so violently. The US dollar of course has a major effect on precious metals, so if it continues to strengthen, you could see precious metal selloff. Obviously, the exact opposite is also true, so you should keep that in mind as well. I think this is going to be a very difficult market to trade, but if you were to do so I would suggest that perhaps binary options might be the best way to go, as it at least can mitigate your risk.

SILVER Video 09.10.17

This article was originally posted on FX Empire

More From FXEMPIRE:

and

Recommended Stories