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Christopher Lewis

Silver markets have gone back and forth during the trading session on Monday, it is likely that the market continues to see a lot of choppiness going forward as well, as the central bank policy of various countries around the world continues to lift the precious metals markets higher, but we also have to worry about the industrial demand when it comes to silver markets, as the metal is undoubtedly an important industrial component for various uses.

SILVER Video 25.08.20

That being said, I do see a lot of technical support underneath, especially near the $25 level. It also looks as if the $26 level is trying to come into play as well, and therefore it should be paid attention to. Ultimately, I think that the market has plenty of support levels underneath, even as low as $20.00. Having said that, I am looking for dips to be bought into, and therefore will be more than willing to take advantage of value as it occurs. I have no interest in selling solar, because quite frankly I think central banks around the world are going to continue to flood the markets about liquidity, as it is the only game they know. This devalues money, so regardless of what base currency you are looking at, it will more than likely fall again silver. However, to take the industrial component out of silver, I prefer to buy gold although it does not move quite as fast.

Regardless, I have no interest in shorting and think that precious metals are just beginning what could be a large cyclical move to the upside. The $30 level above is obvious major resistance, with the $28 level being the initial target.

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

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