Silver Consolidating Again 7/31/2020
Silver at the 4 hour view.
Silver made a pullback from its recent exhaustive move. With the dollar collapsing, silver is merely consolidating for another move up.
That said, silver takes a long time for it to make moves like the last 2 weeks. Usually, silver goes through a monthly pullback near the 1st of the month. The question is, did this pullback already happen or would the monthly pullback still happen next week? Whenever silver pulls back, it's minor and mainly just to correct the valuation by commodity banks.
It would be great to get a pullback to shake off the Robinhooders and chasers. That would be a prime opportunity to long silver... then play the waiting game. That's assuming the dollar doesn't bounce hard - which closed below its 11-year-old channel. I would not short any precious metal during a recession and when the dollar is collapsing. That would be an absolutely foolish move to make.
Silver made a pullback from its recent exhaustive move. With the dollar collapsing, silver is merely consolidating for another move up.
That said, silver takes a long time for it to make moves like the last 2 weeks. Usually, silver goes through a monthly pullback near the 1st of the month. The question is, did this pullback already happen or would the monthly pullback still happen next week? Whenever silver pulls back, it's minor and mainly just to correct the valuation by commodity banks.
It would be great to get a pullback to shake off the Robinhooders and chasers. That would be a prime opportunity to long silver... then play the waiting game. That's assuming the dollar doesn't bounce hard - which closed below its 11-year-old channel. I would not short any precious metal during a recession and when the dollar is collapsing. That would be an absolutely foolish move to make.