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Christopher Lewis
Silver daily chart, October 16, 2018

Silver markets pulled back a little bit during the trading session initially but found enough support near the $14.70 level to turn around and rally again. Overall, I think that the market is reaching towards the $15 level above, which of course will attract a lot of psychological interests. Overall, the markets continue to be more of a “buy on the dips” type of situation. As long as there is so much in the way of uncertainty out there in an economic sense, I think that people are going to be coming back to the precious metals for safety. Silver markets had been artificially negative for quite some time, as there are a lot of paper shorts out there, but there is a significant demand for silver overall. I think that given enough time, the market probably will continue to reach towards the $15 level, which makes a lot of sense considering that there are a lot of concerns out there, and of course a lot of technical traders will be attracted to these big figures.

Underneath, I see a significant amount of support near the $14.60 level, and of course at the $14.70 level as seen during the day. I think given enough time, we will try to find buyers at one of those levels if we do pull back. I don’t have any interest in shorting Silver right now, it is far too strong and I don’t want to fight this trend.

SILVER Video 16.10.18

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