Silver markets gapped higher to kick off the trading session on Thursday, then pulled back to fill the gap only to turn around again.
Silver markets initially gapped higher to kick off the trading session on Thursday, but then pulled back to fill that gap. After that, the market turned around to show signs of strength, bouncing from the $18 level. The candlestick looks as if it is trying to break above the $18.50 level, going towards the $19 level. Ultimately, the $19 level is a massive resistance barrier, and we have tested it several time. Ultimately, it looks as if the market will eventually break out, but it is going to take a significant amount of momentum to make that happen.
Because of this, I think that you will have plenty of opportunities to buy on dips, and keep in mind that this market tends to go back and forth quite rapidly from intraday swings, so therefore it is difficult to make huge beds, but eventually we should get the opportunity for a longer-term trade.
SILVER Video 12.06.20
To the downside, the $17 level is more than likely going to be supportive, as it has been in the past. Furthermore, the 50 day EMA is in that same area, so it makes quite a bit of sense that the buyers are down there. Ultimately, it is difficult to bet against silver as the central banks around the world continue to devalue fiat currencies. Ultimately, the market is trying to grind higher and break out to the upside, but this is a major resistance barrier for ages now, so it is going to take some type of “event.” Until then, it is short-term buying on the dips that Lee this market going forward. I have no interest in selling precious metals at the moment.