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Christopher Lewis
Silver daily chart, June 20, 2019

Silver markets pulled back significantly during the trading session on Wednesday, as we await what happens with the Federal Reserve. At this point, the $15.00 level will continue to offer resistance but if we can break above the highs of the last couple of weeks, it’s very likely that we would go to the 200 day EMA at the $15.30 level. If we can break above the 200 day EMA, it’s likely that we could go to the $15.50 level.

SILVER Video 20.06.19

Looking at this market, it’s very likely that the market has plenty of support underneath though, because even if the Federal Reserve doesn’t cut interest rates during the trading session, quite frankly there is more than enough support underneath at the 50 day EMA, plus on top of that we have the Federal Reserve looking likely to be dovish going forward. Remember, markets tend to focus on the future and not necessarily the present, so having said that it’s likely that the market will continue to try to push higher and look at the future as one that has plenty of soft central banks out there. It’s not just the Federal Reserve, but it is also the ECB, and many other central banks around the world.

Quite frankly, unless the Federal Reserve is extraordinarily hawkish, it’s hard to imagine a scenario in which precious metals off drastically. I look at dips as buying opportunities in the near term and would welcome some type of pullback in order to pick up some value in the metals markets. The $14.50 level is more than likely going to be a massive support level.

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