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Christopher Lewis
Silver

Silver markets have gone back and forth during the trading session on Wednesday, as the $25 level has offered a bit of support. We did break down below that level initially to reach down towards the $24 level, before bouncing again. We even rallied as much as $26.01 point, but the most important thing to take away from the candlestick is that it shows a certain amount of stability, something that is desperately needed in this market. At this point, I think that value hunters are starting to step in slowly and perhaps we have avoided a major catastrophe. This is an area that has seen a lot of choppy trading in the past, so it is not a huge surprise to see that we bounced a bit.

SILVER Video 13.08.20

To the downside, the $22 level should be supportive, as the 50 day EMA is in that same general vicinity, and then most certainly there should be plenty of support at the $20 level. That was the scene of a major breakout, and there will be a significant amount of market memory just waiting to happen. If we break to the upside, then the market is going to go looking towards the $28 level, possibly even the $30 level. At this point in time, it looks as if the 50% Fibonacci retracement level has been touched from the move higher, so it does make sense that we could see buyers jump in and in this general vicinity. One thing I think you can count on is a significant amount of volatility more than anything else.

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

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