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Christopher Lewis
Silver

Silver markets have gone back and forth during the trading session on Wednesday as we see a lot of noise in general. At this point in time, the market is likely to see a lot of choppiness and therefore I think what we are going to see is possibly an opportunity to go higher, but I would not do so in huge amounts. Unlike gold, this is not necessarily depended on the US dollar in general nor does it depend on the interest rates rising or falling in the United States. After all, silver is an industrial metal now might be what we are looking at.

SILVER Video 11.02.21

As long as the reflation trade is still involved, it is likely that the silver market will continue to go higher to reach towards the $30 level. All things being equal, I think that this market does try to get back there, at least as long as there is still the hope of stimulus driving up industrial demand. Whether or not we can break out might be a different question but ultimately if we did that could send silver looking towards the $50 level over the longer term.

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Regardless, I do not necessarily want to sell silver, because I see so much in the way of noise between here and the $24 level, as we have chopped around from there. The 200 day EMA is reaching towards the $24 level which obviously will have an influence as it is a large technical indicator. In general, I like the idea of owning silver longer term, but you might want to let the market cool off a bit before buying it.

For a look at all of today’s economic events, check out our economic calendar.

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