If silver rebounds and breaks through $28.5, it will further rise and challenge $30
On September 4th, market analyst Christopher Lewis wrote that the silver market seems to be trying to find a bottom, but at this moment, it is also very noisy and there are many reasons that may lead to greater volatility in the market in the future.
Lewis reminds us that this is an exceptionally volatile market. The market will continue to see a large number of issues related to industrial demand. If silver reverses its downward trend, turns upward and breaks through the $28.50 level, it may continue to rise and move further towards the $30 level.
However, if silver falls so far, it will test the support of the 50 day moving average and 200 day moving average. If it falls below the 200 day moving average, silver prices will drop to the level of $26.50. At this position, silver prices have strong support. If the silver price continues to fall below the support of $26.5, investors need to remain on the sidelines.
Overall, Christopher Lewis believes that the silver market is still very noisy and therefore sees high volatility. But in reality, the volatility has ended so far, so choosing a trading direction will be very difficult. However, above $28.50, he is willing to try a small increase in position, perhaps aiming for a target of $30.
Lewis believes that it is difficult for silver prices to break through $30. If it can successfully break through, silver prices are almost likely to continue to rise. This market will still be a market that needs to be treated with caution.
Daily chart of spot silver
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