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Christopher Lewis
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Silver markets have initially pulled back a bit during the course of the week to test the $25 level only to turn around and show signs of strength yet again. With that being the case, if we can break above the highs of the weekly candlestick, it is very likely that silver will then go looking towards the $28 level. The $28 level of course is a large, round, psychologically significant figure but more importantly is an area where we have seen a lot of resistance in the past. Ultimately, if we can break above there, then it is likely that the market goes looking towards the $30 level which has been a bit of a “double top.”

SILVER Video 19.04.21

The hammer from a couple of weeks ago is of course a very bullish sign, so as long as we can stay above there it is likely that we will continue to see buyers jump in and try to push this market to the upside. If we were to break down below that level, then it is very likely that the market would go looking towards the $22 level. The $22 level breaking down would of course open up the possibility of a move down to the $20 level, and possibly even further to the downside. If we do break the $22 level, the bullish run in silver would be all but over. In the short term though, certainly looks as if we have more upward pressure than down and if we get the reopening trade, it is very likely that we would see silver demand pick up.

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