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Some Thoughts On Silver

By Fawad RazaqzadaCommoditiesSep 23, 2020 11:57AM ET

www.investing.com/analysis/some-thoughts-on-silver-200538641

Some Thoughts On Silver

By Fawad Razaqzada | Sep 23, 2020 11:57AM ET

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XAG/USD

-0.46%

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Silver

-0.24%

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Have a look at this silver monthly chart below:

Silver Monthly Chart.

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.

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Comments (4)

Indiana Jones Sep 24, 2020 12:25AM ET

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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.

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Major Woody Sep 24, 2020 12:25AM ET

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In other words, trade it. :)

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Gary Zhang Sep 23, 2020 7:53PM ET

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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.

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falec Sep 23, 2020 5:56PM ET

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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!

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falec Sep 23, 2020 5:56PM ET

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Indeed is already below 23.4, already failed this article

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Covid Altzheimer Sep 23, 2020 3:37PM ET

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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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