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Christopher Lewis
Silver daily chart, November 27, 2019

Silver markets rallied a bit during the trading session on Tuesday, bouncing from a trend line the quite frankly needed to hold. The 200 day EMA sits just below the trend line so it is of course a bullish sign but at this point silver has certainly been under pressure. Beyond that, we have to worry about the Federal Reserve not loosening monetary policy, so then it’s likely that the market will continue to struggle a bit. Quite frankly, silver need some type of negative headline out there to push it higher. At this point, I believe that the 50 day EMA above will cause a certain amount of resistance, currently at the $17.33 level. If we were to turn around a break above, there it would be a very good sign indeed. However, we are nowhere near that right now so we could get a little bit of a bounce, and therefore short-term it looks like a little bit of positivity may be ahead.

SILVER Video 27.11.19

Below the $16.50 level the silver market will probably fall apart, going much lower. At this point in time I think that the market will continue to see a lot of selling, and perhaps a complete breakdown. This would be the end of the uptrend, but at this point we are still hanging onto the last vestiges of support. With that being the case it’s likely that the market will have to make some type of decision soon, but will we need is an impulsive candlestick that has a decent range. As you can see on the chart though, the most recent impulsive moves have all been negative.

Please let us know what you think in the comments below

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