FXEMPIRE
All
Corona Virus
Stay Safe, FollowGuidance
World
10,848,746Confirmed
519,953Deaths
6,066,672Recovered
Fetching Location Data…
Advertisement
Advertisement
Christopher Lewis
Silver daily chart, August 16, 2018

Silver markets have been absolutely hammered during the trading session on Wednesday, slicing through the last vestiges of support. At this point, I think that the market will probably go looking towards the $14 level underneath, where we have seen a massive amount of support in the past. I believe that longer-term traders are probably looking at this as a nice buying opportunity, but that’s an investment, not some type of short-term trade. Because of this, I think that short-term rallies that show signs of exhaustion should be selling opportunity, and I think that we will probably continue to see turbulence in the markets, as the greenback becomes the ultimate safe haven.

Treasury yields are going to drop, as a fear play, and that of course means that we need more greenbacks. Greenbacks of course work against the value of silver and gold, so this point I think it’s pretty easy to imagine this chart dropping down to the $14 level. In fact, we are down almost 4.5% as I record this video. I don’t have any interest in buying, unless it’s physical silver, or unless we get some type of daily supportive candle because I think at that point the reward would very much outweigh the risk. Ultimately, this is a market that continues to be very rocky, so as a trader I want to short rallies, but as an investor I want to own the physical silver for the long term.

SILVER Video 16.08.18

Advertisement
Don't miss a thing!
Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Latest Articles

See All

Expand Your Knowledge

See All

Trade With A Regulated Broker

  • Your capital is at risk