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Christopher Lewis
Silver weekly chart, April 15, 2019

Silver markets initially tried to rally during the week but then gave back those gains to form a rather ugly candlestick. From my standpoint, I believe that the $14.90 level underneath is massive support, that could very well continue to hold the market up. However, if we were to break down below that level it’s likely that we can unwind rather drastically and go looking towards the $14.25 level, possibly even $14.00 level.

SILVER Video 15.04.19

To the upside, I believe that the $15.25 level will be resistance, just as the $15.50 level will as well. This is a market that is currently bouncing around in a very major support level, but clearly we are starting to form lower highs, and of course there is very similar trading going on in the gold market right now, which does not exactly instill confidence. If we do in fact break down, it’s very likely that we could go rather quickly, as silver tends to move a radically at times.

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Alternately, if the market participants turn things around, I believe that the move higher in the silver market will be more of a grind and less of a flush, so keep in mind that you will have to be very patient to take advantage of the move higher in the silver market. In fact, I prefer buying physical silver more than leverage positions if you’re going to try to go long. Pay attention to the US dollar, if it starts to strengthen again that could also put pressure on silver.

Please let us know what you think in the comments below

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