Silver markets offer a plethora of opportunities as the Tuesday session has seen this market go higher and challenge the $18 yet again. Because of this, we believe that the market is trying to build enough upside momentum to break out, and a move above $18 on a daily close for us will offer call buying opportunities to the $19 handle, and perhaps even as high as $20. Even if we pullback from here, we believe that there is enough support at the $17 level that if we get a supportive candle we could be a call buying opportunity as well.
Video Length: 00:03:06
We like buying the USD/CAD currency pair now that we have broken well above the 1.20 handle, and we believe that this market will continue to find buyers every time it dips. With that being the case, the only thing we are looking for is break out to the upside or supportive candles on short-term charts in order to buy the US dollar, and sell the Canadian dollar. Ultimately, we believe that this market goes as high as 1.25 over the longer term, so we should continue to see plenty of buying opportunities.
Looking at the FTSE, it appears that the 6650 level offered enough resistance to turn things back around and form a shooting star. The shooting star of course suggests weakness, but we have a hammer from the previous session so at the end of the day when you look at both of those candles, it simply suggests confusion and consolidation. With that though, we do believe ultimately this market will break out to the upside and head to the 6750 level.
Comments
Log in or sign up to join the conversation.