Some Thoughts on Silver

09/24/2020 9:00 am EST


Fawad Razaqzada

Technical Analyst,

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

Have a look at this silver monthly chart below:

Silver monthly

If silver gets there, it would be a bearish sign IMO 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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