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Christopher Lewis
Silver daily chart, August 31, 2018

I think that the $14.50 level will continue to be crucial, and I think it needs to be held unless of course the market is ready to go down to the $14 level. That’s a level that’s an extraordinarily important on longer-term charts, and as a result I think that there will be a lot of buying down there as well. I have been buying little bits and pieces of physical silver, but it is difficult to buy silver right now with a highly leveraged position, as it has been so volatile. However, I do think that eventually we will see a turnaround, but we need the US dollar to slow down its strength.

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The biggest problem that were going to have right now as interest rates in the United States continue to climb, and that naturally will bring money into the greenback. Overall, I think that the Silver markets are extraordinarily cheap right now, and I think it’s only a matter of time before longer-term buyers come in and pick this market up again. However, this is a longer-term thought process, so if you are shorter term trader, and I suspect that most of you are, you are looking for short-term rallies to sell in the CFD market, especially near the $14.75 level. However, if we break above the $15 level that will more than likely send everything in the other direction, perhaps starting a nice intermediate uptrend. Pay attention to the US dollar, and the EUR/USD pair is a great proxy for that. If it rises, typically this will rise as well, and of course the opposite is true.

SILVER Video 31.08.18

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