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Christopher Lewis

Silver markets rallied rather significantly during the trading session on Thursday, as risk aversion became a major factor. By doing so, it looks as if the market is reaching towards the $15 level, an area that has been important previously. The question now will be whether or not the level can be broken out above in a bullish move, confirming that we had formed a bullish flag. If not, signs of exhaustion could send this market right back down to $14.

SILVER Video 03.04.20

At this point, I still believe that the $15 level is going to be extraordinarily resistive, as the market continues to see a lot of concerns globally. The one thing that will probably keep the silver market from truly taking out to the upside is that silver is also an industrial metal, not just the precious one. That means that the market is likely to continue to see a bit of underperformance in relation to gold. With that, silver becomes more of a longer-term trade than anything else.

If the market does break out to the upside, it’s very likely that the 50 day EMA gets targeted, and then the $16 level. To the downside, the $13 level will be a massive support barrier. With Friday being the jobs number, it’s likely that we will see a lot of volatility. The initial jobless claims in the United States during the trading session on Thursday were horrific, so that of course has a bit of a “risk aversion” feel to it as well. At this point, the market looks very likely to be noisy to say the least.

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