When is Silver Pulling Back? 8/6/2020
It's a legitimate question actually. I got no clue how to detect a pullback with silver. In precious metals, the price can be overbought and parabolic longer than anyone's expectations. Traditional indicators and price action readings tends to be useless. You have to know the overall demand of gold and silver and why people are buying into it.
All I know is that there is a general monthly pullback +/- 3 days of the EOM. It happened on July 30-31 last time. Don't get me wrong. I am very, very bullish with silver and I only see this as the beginning of its bull market. I'll be buying dips on the way up.
What are the general resistances for silver?
Resistance 1: About $30
Resistance 2: About $40
Resistance 3: About $50
Resistance 4: The moon
Resistance 5: Pluto
All I know is that there is a general monthly pullback +/- 3 days of the EOM. It happened on July 30-31 last time. Don't get me wrong. I am very, very bullish with silver and I only see this as the beginning of its bull market. I'll be buying dips on the way up.
What are the general resistances for silver?
Resistance 1: About $30
Resistance 2: About $40
Resistance 3: About $50
Resistance 4: The moon
Resistance 5: Pluto