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Some Thoughts On Silver

Published 09/23/2020, 11:57 AM
Updated 03/11/2024, 07:10 AM

Have a look at this silver monthly chart below:

Silver Monthly Chart.

A lot of people are presumably waiting for silver to get back down to re-test broken breakout area around $19-$20, before loading longs again. 

If silver gets there, it would be a bearish sign in my opinion, and I would only expect a modest bounce there.

Indeed, in strong trends, you want to see shallow retracements instead. 

So, what I am looking for is this: for silver to go back above the low of August circa $23.40. Doing so would be trapping the breakout sellers.

If silver goes back above that level, then looking for new longs would make sense on the lower time frames.

Latest comments

There can be only one simple thought on Ag. Sell it after it fails testing resistance. Or buy it small all the way down to 16.
In other words, trade it. :)
I would say buy some SLV around $19-$20, buy more if it goes down to $16.5-$17.5 or up to $23, small load each time. It is a safe play.
So the rationale you have to support 23.4$ is that it won't get to 19/20 because Silver aims to trap breakout sellers (that are clearly too greedy and noobs). Good luck with that!
Indeed is already below 23.4, already failed this article
I could not make what you mean but silver is going down now. does that really mean it is going up? when it goes down it goes down.
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