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Christopher Lewis
Silver

Silver markets continue to see a lot of buying pressure, as we are crossing the $27 level. That being said, the market looks very likely to find buyers on dips and quite frankly I am a bit surprised that we did not get more of a pullback in the market before rallying again. Ultimately, I think that silver goes looking towards the $30 level, and at this rate we could get there rather quickly. Obviously, pullbacks should offer value the people are willing to take advantage of, as the “FOMO” continues to be massive.

SILVER Video 06.08.20

I believe that the $23 level should offer massive support, and therefore it is very likely that there would be plenty of interest in that general vicinity. Unfortunately, this is a market that has been so parabolic that we could see a massive and quick pullback. When you see that, do not freak out, rather look for areas that you may be able to pick up silver “on the cheap.” Obviously, the trend is to the upside and there is no way to fight that and furthermore it is very unlikely that the trend changes anytime soon.

With that being the case, the market is likely to see plenty of opportunities if you are simply patient enough to take advantage of them. The $30 level will of course cause a significant amount of psychological resistance, so do not be surprised if the pullback from that level is somewhat stringent. However, I have no interest in trying to short this market regardless. With the Federal Reserve dumping US dollars into the system, Russia’s metals will continue to strengthen.

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

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