2016 was a so fluctuating year for the global silver market, the starting point was at 13.918 level at the beginning of the year, and the closing point was at 16.492 level at the end of the year. If we look at the big picture of silver market, we have experienced a positive trend on the market. The first signals will be a bit horizontal and negative for the first weeks of 2017. After Trump’s taking office in the White House, there could be a bit sales pressure on the global silver market.
We see that the strength of the US dollar has put pressure on commodities. We are also following the silver price pressures on sales at the market. At this point, it is necessary to say that the silver prices are moving up a little bit to the 15.90 level, but that this move is weak for the time being. We think that for the formation of pricing in the up direction, 16.00 resistance should be overcome first. Based on the hourly charts, we will closely monitor the resistance at 16.00 due to the technical level of the exponential average of 50 periods. If this resistance can be overcome, we will have 16.25 resistance, which is the technical level that we attach much more importance to accelerate the rise.
In the continuation of the downtrend in silver prices, we will watch first 15.80 and then 15.60 support. 15.40 support will be followed especially at prices below 15.60.
- Date: 10 January 2017 Tue 13:29
- Last Added
French Presidential elections are affecting the positive atmosphere on Euro
French Presidential elections are affecting the positive atmosphere on Euro...
Inflation rate is testing record levels in Turkey
Inflation rate is testing record levels in Turkey...
Non-farm payrolls data of the USA increased
Non-farm payrolls data of the USA increased...
Fed's politics interest decision gives direction to the global markets
Fed's politics interest decision gives direction to the global markets...
Oil market is trying to find a direction
Oil market is trying to find a direction at the last times....