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Christopher Lewis
Silver

Silver markets did very little during the trading session on Thursday which is not a huge surprise considering that it was Thanksgiving in the United States and therefore we were stuck with just thin trading on the electronic exchanges. That being said, we are near rather significantly important support, near the $22.75 level which is an area that we have bounced from previously. The 200 day EMA is starting to get close to this area, and therefore I think that will also attract a certain amount of attention as well.

SILVER Video 27.11.20

The market continues to grind sideways in general and therefore it is likely to be a scenario where there will be buyers underneath, but longer-term I still bullish of silver. This is not to say that I would be jumping in with both feet right now, but I think at this point in time what we are looking at is a scenario that as central banks around the world continue to flood the markets with liquidity, it will drive hard assets higher in general. Furthermore, if we do get a major “risk on rally” when it comes to industrials, it is possibly that the silver markets will start to factor in more demand.

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Regardless, I think precious metals are more of a longer-term investment but right now we still do not see major signs of inflation, so that has worked against both gold and silver. The 200 day EMA underneath should be thought of as a longer-term signal, so it will be interesting to see if people are paying attention to it. I prefer to buy on dips rather than to sell.

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

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