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Christopher Lewis
Silver

The silver markets initially tried to rally for the week, but then rolled over to show signs of weakness. The market broke below the $24 level, only to turn around and close above it. Nonetheless, we are looking to the markets in a very cautious manner. The market is likely to find buyers at lower levels, and this is how I am looking to trade the markets. The $22 level underneath is another longer-term area of demand that I think we might test. After that, the $20 level is a major figure that the markets will more than likely pay attention to.

SILVER Video 19.10.20

The fact that central banks around the world continue to loosen monetary policy should continue to drive up demand for hard assets such as silver and therefore I think it is only a matter of time before we continue to climb. However, when I look at the huge red candlestick that we have not come close to wiping out yet, I anticipate that there is probably more downward pressure coming. This is not to say that I would be a seller of silver, rather that I would be looking for value underneath.

I believe that the $20 level is a perfect area, due to the fact that on the daily chart you see the 200 day EMA coming into play, and on the weekly chart you see the 50 week EMA coming into the picture. I do not know if we go that low, but I will be looking for buying opportunities on these pullbacks that I am almost positive are coming going forward.

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

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