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Christopher Lewis

Silver markets have gone straight up in the air during the trading session on Monday as we continue to see the US dollar get hit. Because of this, we have seen precious metals overall do well during the day which should not be a huge surprise considering how they have behaved over the last several weeks. Silver is being dragged higher by gold, but it should be noted that we have the crucial $20 level above standing in the way. The $20 level is an area that is going to continue to cause a lot of psychological resistance and therefore if we see this market break above there, it could really start to see a “FOMO moment.”

SILVER Video 14.07.20

To the downside I believe that the $19 level should be rather supportive, as it was significant resistance and we just broke above there. I think at pullbacks there will be plenty of buyers, and therefore I think it is likely that we continue to see a lot of interest in this market based upon value. The $18 level is going to be extraordinarily supportive, due to the fact that the 50 day EMA is starting to reach in that general vicinity as well. With all of this, I am bullish of silver, but I do recognize we have quite a tall order to get above the massive resistance barrier that we see above. I would not be surprised at all to see a bit of a pullback in order to try to build up the necessary momentum to make that move, one that I do expect to see eventually.

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

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