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Christopher Lewis
Silver

Markets cannot go straight up in the air forever and it seems that somebody in the silver markets has come to that conclusion again. Because of this, it is worth noting that there is massive candlestick probably kicks off a period in which we are more than likely going to see choppiness and perhaps even better yet, some type of pullback that we can be a buyer of. I do not necessarily think that the fundamental outlook for silver or gold for that matter has changed, just that we had gotten way ahead of ourselves.

SILVER Video 29.07.20

It is worth noting that this happened in the middle of the Asian session, when liquidity is the thinnest. My suspicion is that a large cell program came in to take profit, and then it triggered off a bunch of other automated programs. However, this will clearly have shaken the nerves of a lot of traders, so at the very least this market probably needs to grind back and forth for a while. Ultimately, we are still in an uptrend but I right away is probably reckless to say the least.

I would be very interested in the market somewhere near the $22 level, and even more so near the $20 level, although I do not know that we get down there anytime soon. Regardless, the only thing more reckless than buying silver here is probably shorting it. It is a one-way trade still, but that does not necessarily mean that you need to jump in at any random moment either.

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

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