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Christopher Lewis

Silver markets have gone back and forth during the trading session on Thursday, as we wait to see what the next move is. Markets are currently trading water at extremely high levels, and of course there is a lot of noise underneath that extends down to the $17.00 level. At this point, I think the buyers are going to come back in and pick this market up. On a rally to the upside, the $19 level still looks very resistive, so if we were to break above there then it opens up the door towards the $20 level.

SILVER Video 05.06.20

I do believe that silver is probably reacting to the face kicking that the US dollar has been taking as of late, and therefore we will have to pay attention to the currency markets to get a read on where silver could go. At this point, the US dollar is starting to get a bit stretched so the question now is whether or not silver is leading the currency market, or vice versa?

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The $17 level being broken to the downside probably opens up a move towards the 50 day EMA, but I think it is unlikely that we have buyers in that general vicinity as they will probably try to pick up silver based upon the technical analysis. With that, I think that a pullback makes sense, but it should simply be a buying opportunity as central banks around the world do everything, they can kill their own currencies.

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

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