Some Thoughts On Silver
Fawad Razaqzada | Sep 23, 2020 11:57AM ET
Have a look at this silver monthly chart below:
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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