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Christopher Lewis

Silver markets have gone back and forth during the trading session on Friday, and as a result it is likely that the 50 day EMA is going to continue to be noisy. At this point, I think that if we can break above the 50 day EMA it is likely that we will go looking towards the $25.50 level. After that, then we could go looking towards the $27 level.

SILVER Video 19.10.20

To the downside, the market is likely to go looking towards the $24 level, and then possibly the $23 level. This is a market that tends to move in one dollar increments, and I think that will continue to be the case going forward. The 50 day EMA is relatively flat, and that signifies that the market has run out of momentum. This makes quite a bit of sense considering that the US dollar continues to go back and forth ahead of the presidential election and of course the decision as to whether or not we are going to see any type of significant stimulus.

At this point, I do believe that the market is more likely to go higher than lower over the longer term, so I look at pullbacks as potential value opportunities, not necessarily something that I want to start selling. In fact, I believe that the “floor the market” is closer to the $20 level underneath, and therefore it is not until we break down below there that I would start selling. Pullbacks simply offers silver at her prices.

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

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