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Christopher Lewis

Silver markets have gone back and forth during the course of the week, dancing around the $27 level. The $26 level underneath is significant support, just as the $28 level above is significant resistance. With that being the case, we are essentially at “fair value” for shorter-term traders, and we may be simply going sideways to digest the massive gains that we had seen getting to this level. After all, it was not that long ago that the market was down near the $20 handle.

SILVER Video 21.09.20

With that being said, it is not a question that of whether or not we are going to see silver continue to find buyers, just that whether or not we need to see lower prices to attract enough buyers to push higher again. That may very well be the case, so I look at pullbacks and breakdowns at this point as an opportunity, and I will be looking for stabilization after we break down. However, we may not have the ability to take advantage of that, because we may just shoot through the $28 level. A daily close above that level is a very strong sign, and then most certainly a weekly candlestick would of course be even more bullish.

Looking at this chart, I do believe that it is only a matter of time before we go higher so being patient and adding to your long position occasionally and in increments is probably the best way to go. Breaking above the $30 level opens up the possibility of a move towards the $50 level yet again, as we have seen that a couple of times in the past.

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

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