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Christopher Lewis
Silver daily chart, October 05, 2018

Silver markets continue to be very choppy but have shown a proclivity to the upside over the last couple of weeks. I think at this point with the jobs number coming out on Friday, it’s likely that the Silver markets are going to cause a lot of headaches for traders. Quite frankly, the $15 level above is going to offer significant resistance, and I think if we can break above that level then we can start to talk about a longer-term move. The $14 level underneath has proven itself to be massive support yet again, as it has been tested a couple of times on longer-term charts. Since we reach that level, buyers continue to jump in on these pullbacks. However, I don’t think that the $15 level is going to be easy to get above.

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The jobs number will of course affect the US dollar, and that should continue to be one of the main focuses for traders overall. I think that the prudent trader will use the CFD market as opposed to the futures market, because each tick is worth $25. Obviously, you have to have the amount of capital to justify that size of the position. However, I have been buying physical silver as I do believe that we will continue to go higher over the longer-term, but we need the US dollar to soften a bit. In other words, we need the ECB to start tightening for silver to continue to take off.

SILVER Video 05.10.18

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