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Christopher Lewis
Silver daily chart, October 30, 2019

Silver markets have fallen during the trading session on Tuesday, reaching down towards the 50 day EMA before turning around and bouncing enough to cause a bit of a hammer by midday. This shows that the market is of course going to be very resilient, and it looks likely that the market is probably going to continue to see buyers on these dips. These dips of course represent value for those who look at silver as a good hedge against the quantitative easing and interest-rate cuts of central banks.

SILVER Video 30.10.19

Looking at this chart, the market is very likely to continue granting higher, perhaps reaching towards the $18.00 level. This is an interesting set up though, because the FOMC Interest-rate Statement comes out on Wednesday. At this point, traders will continue to focus on the idea of whether or not the Federal Reserve is going to be dovish or perhaps even overly dovish. The more dovish they are, the more likely the silver market is to rally from here and continue to go higher. Because of this, it’s very likely that the market will continue to go back and forth between now and then, but eventually we would see some type of resolution to the situation, and an impulsive candle should suddenly send this market in its longer-term direction. The market breaking out to the upside opens up the door to the highs again, while a breakdown below the uptrend line underneath opens the door to the $17.00 level, and then possibly than the 200 day EMA.

Please let us know what you think in the comments below

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