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Christopher Lewis
Silver

Silver markets went back and forth during the trading session on Wednesday, as we hang around the $17.75 level. Ultimately, this is a market that I think is trying to go higher, as we have plenty of support underneath. The $17 level underneath has been important more than once, so I think it makes sense that the buyers pushed it higher from the $17 area again. That being said, it looks like we are going to go towards the $18.50 level, which is an area that has offered a bit of resistance, and then after that we could go as high as the $19 level. Ultimately, this is a market that I think will continue to see buyers on dips based upon value.

SILVER Video 18.06.20

The 50 day EMA is just below the hammer from the Monday session, so it shows signs that the longer-term traders are starting to pay attention to this as well. Ultimately, I think this is a market that will continue to see a lot of noise, as silver tends to be very choppy. Ultimately, I think that the market is likely to be bullish, but you need to look for little pullbacks in order to pick up value. Once we break above the $19 level the silver market could go much higher, but it is going to take some time to get there. Even if we break down below the 50 day EMA, it is likely that the 200 day EMA would be targeted, perhaps even down to the $16 level where I see even more support.

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

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