Silver markets broke down during the session on Monday, slicing through the $17.50 support level. Ultimately, it now looks as if we will reach towards the $17 level underneath. After all, the market has a significant amount of support based upon that level, and I think it’s only a matter of time before the buyers return. In the meantime, I suspect that short-term rallies will be selling opportunities until we can clear the psychologically significant $17.50 level. If we do break above there, then the market should continue the recent rally that we had seen.
However, I think that this market is probably going to continue to break down as the “risk off” trade is unwinding. This essentially is a bet on whether investors will come back down, and it seems that a lot of the concerns are starting to go by the wayside.
SILVER Video 19.9.17
This article was originally posted on FX Empire