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Christopher Lewis
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Silver

Silver markets initially dipped below the 200 day EMA on Wednesday as we continue to see a lot of noise in the markets. With the rising US dollar overall, that is bad for precious metals, and therefore I think that we are looking at a scenario that probably sees metals go lower, not higher. As I look at this chart, I can plainly see that the $24 level also offer support in and of itself, but if we were to break down below there then the next support level is going to be found near the $22 level. If silver turns around a break down below the $22 level, that could be very bearish to say the least, perhaps ending the overall uptrend for good.

SILVER Video 01.04.21

To the upside, I see the $25 level as significant resistance, and breaking above that level would of course be a very bullish sign. Ultimately, I think what we are looking at here is a scenario where the markets need to prove themselves before buyers are going to step in with any type of significant size. With this being the case, I believe that we are looking at a marketplace that allows for a little bit of “leeway” when it comes to your timing. Quite frankly, if we break above the $25 level it would be bullish and of course attract a lot of attention in a market that will have had a massive correction. In general, I see no interest in trying to get overly aggressive until we get an impulsive candlestick showing us which direction we are heading towards.

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