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Christopher Lewis
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Silver daily chart, April 05, 2019

With the jobs number coming out during the day on Friday, we will probably have a significant amount of volatility in the US dollar, which of course will affect what happens with the silver market. That being said, it is obvious that there are a lot of buyers underneath current trading areas, and it looks as if we are simply trying to figure out whether or not the buyers are going to keep this market afloat. After the jobs figure, we may have our answer as we have been sideways for most of the week.

SILVER Video 05.04.19

To the downside, the $14.90 level offer support as we have seen, but a break down below there would open up the door to the $14.50 level. To the upside, I believe that the market is probably going to continue to go to the $15.35 level which is where the moving averages are currently hanging about. (On the chart I have the 50 day EMA and the 200 day EMA.) That’s an area that of course will attract a lot of attention as technical traders pay such attention to these levels. That being said, we could break above there and go looking towards the $15.50 level which of course is a large, round, psychologically significant figure.

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I anticipate that the market participants will continue to be paying quite a bit of attention to this area, as the $15 level has been important more than once. I believe that market memory will keep this market somewhat afloat, and in general I am more bullish than bearish.

Please let us know what you think in the comments below

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