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Christopher Lewis
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Silver markets have clearly turned around quite drastically during the trading session on Thursday as we are above the 200 day EMA again as markets have jumped quite drastically. With the GDP numbers missing ever so slightly during the trading session we have seen a little bit of US dollar softness, which of course helped the market out. Now that we are above the 200 day EMA, it is likely that we could go looking towards the 50 day EMA which currently sits at the $26.18 level.

SILVER Video 30.07.21

We might get a little bit of a pullback, but as long as we can stay above the most recent lows, I think this market has the opportunity to build up a little bit of a basing opportunity. After all, when you look at the longer-term charts, there is a massive ascending triangle that we are still trying to respect. The ascending triangle course is a bullish sign and could send this market much higher. Currently, it looks as if the $29 level is massive resistance but that is a long way from here some not overly concerned about it.

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If we did turn around a break down below the most recent lows, then I think it opens up a move down to the $24 level, and then possibly as low as the $20 level after that. That obviously would be a major “risk off move”, but right now it seems as if market participants are not necessarily looking into that possibility. Short-term dips will more than likely be buying opportunities on silver, but I will say that silver is a market that is very difficult to jump in with both feet, you are much better off building up a position.

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

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