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Christopher Lewis

Silver markets have rallied significantly during the trading session on Monday to kick off the year. This continues more downward pressure for the US dollar, and that of course helps silver in general. That being said, I do not have any interest in shorting silver and believe that we are going to continue to see buyers on dips to try to break this market higher. After all, the US dollar is getting hit because of stimulus, and of course the overall idea of more demand for silver due to that stimulus has shown itself to be important in this market.

SILVER Video 05.01.21

The size of the candlestick is rather impressive, and the only thing that really stepped in the way of the market going higher from what I can see is that the $28 level was coming into play. The $28 level being broken to the upside should open up the possibility of a move towards the $30 level, which is a large, round, psychologically significant figure and an area that has caused some issues in the past. If we were to break above there, then it opens up a move to much higher levels.

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To the downside, the 50 day EMA should cause a bit of support near the $25 level, and then after that we have the “floor the market” from what I can see and the 200 day EMA just above the $22 level. Because of this, I am bullish and look at pullbacks as potential buying opportunities in a market that quite frankly has much further to go over the longer term. I have no interest whatsoever in trying to short.

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

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