Buying the Retreat in Silver at the 100 SMA
Silver has seen some interesting times recently, as it has turned into the battleground for the trade war between the very rich hedge funds and the broader public. The Reddit account WallStreetBets, which signaled the buying spree in GameStop, killing one of the major hedge funds, signaled another buying spree in silver two weeks ago.
Silver surged higher for a while, above $ 30, as traders piled in on SILVER, sending it more than $ 5 higher. Then silver came back down as the buying spree ended, but the trend remains bullish nonetheless, although it looks more like a normal uptrend now, unlike the big surge we saw at the end of January.
Today we saw a retrace lower in silver, which seems to be over now, as the price is finding support at the 100 SMA (green) on the H1 chart. Silver is starting to bounce off that moving average, but safe havens are declining, as the decline in GOLD shows. But let’s wait and see how this will end up, because right now, there’s a battle going on in silver, between the buyers and the sellers.
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