Nov 05, 2024 (MENAFN via COMTEX) --
(MENAFN - Daily Forex) Potential Signal:
at this point in time, I believe that the market is going to continue to see a little bit of negativity, but if we were to turn things around there is a point where I would want to get long again, and that would be at the $32.75 level. I would have a stop loss at $32.40 and would be aiming for the $33.90 level.
In my daily analysis of the commodity markets, the silver market stands out quite a
bit, due to the fact that it is seen so much in the way of negativity.
After all, we had initially rallied during the trading session on Friday, but then gave back gains rather rapidly.
The jobs number coming out at just 12,000 jobs added during the previous month may have rattled the market, but it's also worth noting that
silver is a little bit more of an industrial metal than gold, so it suggests that we are going to continue to see a lot of questions asked about the global growth situation.
After all, it's probably worth noting that
silver is a major component in the so-called"green technologies" around the world.
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Technical Analysis
The
silver market rally in the way it did during the day on Friday suggested that we were in fact going to try to continue to drive higher, and perhaps continue the overall uptrend.
At that point, the market could go looking to the $35 level, but as things stand right now, it looks to me like we are doing everything we can to break through the massive support near the $32.50 level. This is an area that's been important multiple times in the past, and I think we have to look at it through the prism of"market memory" going forward, and therefore I have to ask questions as to whether or not we will continue to fall. That being said, it's probably worth noting that the candlestick closed at the very bottom of the range, suggesting quite a bit of negativity.
With all of this being said, I would anticipate that the
silver market will continue to be very noisy, and of course very difficult to trade. The market is most certainly in a massive uptrend still, so it's not exactly like it's going to be easy to get short of this market, but I also recognize that you don't necessarily want to jump in and start buying
silver hand over fist at this point.
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COMTEX_459476716/2604/2024-11-05T03:48:34
