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Christopher Lewis
Silver

Silver markets initially tried to rally during the trading session on Friday, but then broke down again as the US dollar picked up a little bit due to the jobs number coming out better than anticipated. Nonetheless, we still have a massive amount of support underneath at the $26 level, and I think at this point we should see a lot of interest in this market. I believe that early next week we will probably see a turnaround, but even if we do not the 50 day EMA starts to come back into the picture near the $25 level.

SILVER Video 07.09.20

Breaking above the top of the candlestick during the trading session on Friday would also be a very bullish sign, reaching towards the $28 level, possibly even the $29 level. The $29 level begins massive resistance extending to the $30 level, so we can break above that level, then it is very likely that the market then starts to really take off, as the previous history has shown us that the market has a proclivity to go looking towards the $50 level over the longer term once we break this area.

That does not mean that it happens quickly, nor that it is easy, just that it tends to be the end result. If we break down below the $24 level, that could threaten the overall uptrend, perhaps unleashing a selling pressure that extends all the way down to the $20 handle. That would need to see massive US dollar strength though, and a serious break in US dollar selling overall.

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

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