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Christopher Lewis
Silver

Silver markets have gone back and forth during the trading session on Tuesday as we continue to look at the 50 day EMA as something rather important for the short term. At this point, I believe that the market is likely to continue to see a lot of noise, and I also look at the 50 day EMA as a proxy as to where the market is ready to go next. If we were to break above the 50 day EMA on a daily close, then it is likely that the market is ready to go higher, perhaps towards the $26 level, possibly even the $27 level where we had seen a lot of supply.

SILVER Video 07.10.20

On the other hand, if the market breaks down below the $24 level, it is likely that we go looking towards the $22 level next. Underneath there, it is very likely that the market is likely to go towards the 200 day EMA which is at the $20.76 level. Underneath there, the $20 level would be a significant amount of support as it is a large, round, psychologically significant figure. Now that we would be looking at that on a major pullback, I suspect that a lot of people would be looking at it as a value proposition.

All things being equal, I do like the idea of buying silver by I also recognize that the US dollar is starting to strengthen slightly over the last 24 hours or so, at least against certain currencies. If that trend continues, then it will continue to work against silver. Obviously, the exact opposite is also true.

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

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