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Christopher Lewis
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Silver markets have gone back and forth during the course of the week, testing the $25 level, and showing signs of stability. The candlestick was not necessarily the most impressive one, if taken by itself. The hammer that formed during the previous week to bounce from the 50 week EMA was a good sign, and the fact that we continue to follow-through is also another good sign.

SILVER Video 12.04.21

Silver probably gets a bit of a boost due to the idea of industrial demand more than anything else, because quite frankly the US dollar has been all over the place and therefore if it strengthens that will work against gold and silver, but silver at least test the industrial component built and that people will be paying close attention to. If we were to break above the candlestick for the week, then we will take on the $26 level, possibly the $26.50 level.

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To the downside, the 50 week EMA continues to be supportive, but if we were to break down below it then silver probably goes looking towards the $22 level to find support again. That is an area that has been massive in the past, and I think of course a lot of people will be paying close attention to it. Longer-term, I think that we probably go looking towards the $30 level given enough time, but it is not going to necessarily be easy to get there, which is typical for silver, as it is quite noisy to say the least. All things been equal though, I think that we are much more likely to see bullish pressure than bearish based upon the most recent couple of candlesticks.

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

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