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Christopher Lewis

Silver markets initially fell during the week but found enough support at the $17 level to turn around and form a massive hammer. This shows that there is still quite a bit of resiliency in this market, as central banks around the world continue to do everything, they can kill their currencies. It is also a very bullish sign, and that allows for the market participants out there to recognize that there are buyers when it comes to silver. This makes quite a bit of sense though, because quite frankly the server banks around the world are doing everything, they can loosen monetary policy, and that typically helps precious metals in general.

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While silver does have the precious metal aspect of trading, it also has the industrial aspect, so that might be a little bit of a drag on growth. However, I think that it is only a matter of time before this market breaks out right along with gold. Quite frankly, both above look strong, although silver has more work to do.

SILVER Video 22.06.20

Once silver Brexit $20 level it could very well find itself closer to the $50 level rather rapidly. This of course is based on historical charts but if we are heading into a financial crisis like we did in 2008, that would simply be history repeating itself. That being said, I am bullish of silver and believe that the $17 level is going to start operating as a bit of a “short-term floor.” This is not to say that we can break out easily, but clearly that is where the market is trying to go.

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

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