Fun is Over in Silver... For Now 7/24/2020
Silver futures at the 4 hour view.
Silver got a huge boost due to the dollar strength being destroyed. That said, the SLV ETF climbed from the top 200s to the top 16 in most traded ETFs by Robinhood.
The typical Robinhooder is a new trader and/or a momentum chaser. When ever you see momentum chasers going for a commodity or a sector, that's how you know the fun is over and you missed most of the rise.
Will I think silver rise more? Yes, but not after a decent pullback first.
I'm willing to bet these new traders and Robinhooders didn't know that silver and gold get a pullback near the end/beginning of every month. I';ll be waiting for a decent pullback in the next two weeks.
When the new traders abandon ship from the pullback, that's when I'll enter silver again. For now, the fun is over in silver until we get a decent pullback.
Silver got a huge boost due to the dollar strength being destroyed. That said, the SLV ETF climbed from the top 200s to the top 16 in most traded ETFs by Robinhood.
The typical Robinhooder is a new trader and/or a momentum chaser. When ever you see momentum chasers going for a commodity or a sector, that's how you know the fun is over and you missed most of the rise.
Will I think silver rise more? Yes, but not after a decent pullback first.
I'm willing to bet these new traders and Robinhooders didn't know that silver and gold get a pullback near the end/beginning of every month. I';ll be waiting for a decent pullback in the next two weeks.
When the new traders abandon ship from the pullback, that's when I'll enter silver again. For now, the fun is over in silver until we get a decent pullback.
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