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Christopher Lewis
Silver daily chart, August 17, 2018

Silver markets broke above the $14.50 level during the trading session on Thursday, as optimism entered the market due to the Chinese sending a delegation to the United States to discuss trade policy. This has alleviated some of the pressure on the world’s global markets, thereby allowing the US dollar to soften. However, I would warn that this is probably a short-term phenomenon, as the initial problems that had people going into the dollar are still very much a real issue. At this point, I suspect that the sellers will come back above, perhaps close to the $14.75 level, and certainly at the $15.00 level. I anticipate that even if we do get a short-term rally, it will only be a matter time before somebody says something to spook the markets again. They have been quite jittery as of late, and we would need a couple of days’ worth of good news to move things in the right direction.

You all know that I am bullish of silver longer-term, but I also recognize that there are serious forces at play here, and therefore I would be a bit cautious about putting too much money into the market in one shot. I believe that the market will continue to react to global headlines more than anything else, and by extension the US dollar. Ultimately, I believe this to be a situation where we will continue to see serious trouble. Longer-term though, I do by physical silver all the time.

SILVER Video 17.08.18

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