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Christopher Lewis
Silver daily chart, January 29, 2019

Silver markets went back and forth during the trading session on Monday, as we continue to struggle to go higher. However, I do think that the uptrend is still intact, and I do think that the buyers will continue to go higher in this market. I think the $16 level above is a potential target, but I also think that we will eventually break above there, assuming the precious metals continue to get a bit. Gold looks healthy, so I think that may give us a bit of a boost over here as well.

SILVER Video 29.01.19

Just below, the 20 day EMA, pictured in green, is tilting higher and it looks likely to offer a bit of dynamic support. Beyond that, we have the red 50 day EMA, which should also offer support. After the impulsive candle during the day on Friday, I do think that there is still plenty of buying pressure is underneath, but I do think that eventually we can get above the $16 level. If we do, then the market should then go to the $17 level above. I think at this point it’s very likely that it may take some time to get there, so I would be very cautious about throwing a lot of money into the market in one trade. I would only add slowly and try to build up my position, perhaps becoming a bit more aggressive if and when we break above $16. I don’t have any interest in shorting Silver at this point.

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