Corona Virus
Stay Safe, FollowGuidance
Fetching Location Data…
Christopher Lewis

Silver markets initially dipped to kick off the Friday trading session but have turned around to show signs of life again. Ultimately, this is a market that I do believe will find a way to go higher given enough time. I like the idea of buying short-term pullbacks, offering a bit of value for traders looking to go long. If we can break above the $20 level, then it is very likely that we will find reasons to go to the $30 level, if for no other reason than simple momentum.

SILVER Video 31.08.20

I have no interest in shorting silver, quite frankly it is far too strong and now it looks as if the market is going to look at the $26 level as a potential “floor” in the market. Ultimately, I do think that this market goes towards the $30 level, and beyond. The Federal Reserve has stated during the week that the bar to raising interest rates is much higher than previously thought, and therefore I think it makes quite a bit of sense that we see this market continue higher, eventually breaking out above the $30 level to go much higher, perhaps as high as the $50 level over the longer term.

At this point, I think that there is not only support at the $26 level, but also at the psychologically important $25 level, right along with the $24 level underneath. The 50 day EMA is coming into the picture, so that of course is something that could come into the equation as well. Ultimately, buying dips continues to work as this is a market that has plenty of reasons to go higher.

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

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

Trade With A Regulated Broker

  • Your capital is at risk
The content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. It does not constitute, and should not be read as, any recommendation or advice to take any action whatsoever, including to make any investment or buy any product. When making any financial decision, you should perform your own due diligence checks, apply your own discretion and consult your competent advisors. The content of the website is not personally directed to you, and we does not take into account your financial situation or needs.The information contained in this website is not necessarily provided in real-time nor is it necessarily accurate. Prices provided herein may be provided by market makers and not by exchanges.Any trading or other financial decision you make shall be at your full responsibility, and you must not rely on any information provided through the website. FX Empire does not provide any warranty regarding any of the information contained in the website, and shall bear no responsibility for any trading losses you might incur as a result of using any information contained in the website.The website may include advertisements and other promotional contents, and FX Empire may receive compensation from third parties in connection with the content. FX Empire does not endorse any third party or recommends using any third party's services, and does not assume responsibility for your use of any such third party's website or services.FX Empire and its employees, officers, subsidiaries and associates, are not liable nor shall they be held liable for any loss or damage resulting from your use of the website or reliance on the information provided on this website.
This website includes information about cryptocurrencies, contracts for difference (CFDs) and other financial instruments, and about brokers, exchanges and other entities trading in such instruments. Both cryptocurrencies and CFDs are complex instruments and come with a high risk of losing money. You should carefully consider whether you understand how these instruments work and whether you can afford to take the high risk of losing your money.FX Empire encourages you to perform your own research before making any investment decision, and to avoid investing in any financial instrument which you do not fully understand how it works and what are the risks involved.