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Christopher Lewis
Silver

Silver markets have initially fallen during the trading session on Wednesday, reaching towards the $26 level before exploding to the upside and overcoming the $27 level early in New York trading. Ultimately, this market looks as if it is finding enough buying pressure to turn things around and go looking towards the $28 level. That is an area that I think will be a nice target, and eventually get broken to the upside, perhaps opening up the idea of the market going all the way to the $30 level.

SILVER Video 27.08.20

I do like the idea of buying short-term pullbacks to give you an opportunity to take advantage of “cheap silver”, as we are most certainly in a market that is looking at this dip as a potential buying opportunity, as there is plenty of demand for hard assets. Silver has recently shot straight up in the air and now looks as if it is trying to figure out where we are going next as we have digested so much of the gains. That being the case, I like the idea of buying this dip in continuing to add.

If we can eventually break above $30, we can go much higher. To the downside, I think there is plenty of support starting at the $26 level, all the way down to the $25 level. I have no interest in trying to get too cute with this, I believe that this is a market that has further to go due to the Federal Reserve and of course Jerome Powell having a speech on Thursday that could drive this market higher.

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

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