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Christopher Lewis
Silver

Silver markets have rallied rather significantly during the trading session on Monday, breaking above the $24 level. Above there, silver is likely to go looking towards the $25 level, and it is probably only a matter of time before we get there. Having said that, you should be very cautious about silver right now because it is without a doubt overbought.

SILVER Video 28.07.20

I like the idea of buying silver on dips, but we really have not had a decent one yet. These types of moves get massive pullbacks it can cause absolute havoc to your account if you get caught buying at the top. Experience has taught me that as soon as you buy a market that “cannot go down”, it does. Furthermore, it almost certainly goes in your direction after you get stopped out.

That being said, I am not looking to short this market, even if I knew without a doubt that we were going to fall from here. Pullbacks at this point will only offer value for those who are going to get involved in the market, because silver clearly has much further to go. It is likely that we have a “hard floor” near the $20 level, assuming that we can even get down there. I think it is very likely that we will see a lot of noisy trading, but ultimately the buyers will continue to push silver to much higher level. In fact, it would not surprise me at all to see $50 in the next year.

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

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