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Silver Forecast: Looking Toward Resistance Above

By Christopher Lewis
Christopher Lewis has been trading Forex and has over 20 years experience in financial markets. Chris has been a regular contributor to Daily Forex since the early days of the site. He writes about Forex for several online publications, including FX Empire, Investing.com, and his own site, aptly named The Trader Guy. Chris favours technical analysis methods to identify his trades and likes to trade equity indices and commodities as well as Forex. He favours a longer-term trading style, and his trades often last for days or weeks.
  • Silver rallied just a bit during the trading session on Tuesday, as we continue to see a lot of volatility, but upward trajectory in this market.
  • The $32.35 level above has been an area that I think a lot of people will be looking at as a potential barrier, due to the fact that it did cause a little bit of resistance in the past and then again on Monday.
  • If we could break above there, then it's possible that the market could go looking towards the $35 level over the longer term.

However, there is a long way to go to win that battle. The market will remain a bit noisy and difficult, but overall it looks like the trajectory will remain positive, as the markets are following gold at the same time.

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The Silver Market Will Watch CPI on Wednesday

However, keep in mind that the CPI announcement is coming out on Wednesday at 1.30 PM. That will have a major influence on what people expect as far as inflation is concerned in the United States, which by extension will have a major influence on metals. That being said, if the Silver market were to pull back from here, I think the 50 day EMA is somewhere where you might see buyers jumping in to take advantage of cheap ounces of silver.

Silver Forecast Today 11/12: Looking To Resistance (graph)

If we break down below the $31 level, then we might have to go looking to the uptrend line in order to really find our flooring. Nonetheless, I am bullish in the short term at least. Therefore, I think you've got a situation where plenty of people will be willing to get involved every time that a little bit of value is offered as the market dips. I have no interest whatsoever in trying to get short of the silver market at this point in time.

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Christopher Lewis
Christopher Lewis has been trading Forex and has over 20 years experience in financial markets. Chris has been a regular contributor to Daily Forex since the early days of the site. He writes about Forex for several online publications, including FX Empire, Investing.com, and his own site, aptly named The Trader Guy. Chris favours technical analysis methods to identify his trades and likes to trade equity indices and commodities as well as Forex. He favours a longer-term trading style, and his trades often last for days or weeks.

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