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Christopher Lewis

Silver markets initially tried to rally during the trading session on Monday but continues to see a lot of resistance just above at the $19 level. This is an area that has been a significant barrier to buyers, as we have pulled back from there are a couple of times in the past. That being the case, it is very likely that silver will roll over, and that makes quite a bit of sense considering that even though there is a major “risk off” type of attitude to silver as a precious metal, the reality is that most people also play it as an industrial metal, and with the ratcheting up of tensions between the Americans and the Chinese, the demand for silver is likely to be something that people question.

SILVER Video 02.06.20

Ultimately, this is a market that is very volatile, and I do think that a pullback is probably necessary. Ultimately, the markets need at the very least to come back and find buyers underneath. This is especially near the $18 level where we have seen buyers. Furthermore, the $18 level was previous resistance so it should now be support and therefore a lot of traders will be paying attention to that. Because of this, I anticipate that will probably pull back in order to find buyers, but the question now is whether or not we can continue the uptrend? In the short term I suspect that we probably have opportunities the by seller at lower levels.

For a look at all of today’s economic events, check out our economic calendar.

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