Christopher Lewis
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Silver weekly chart, October 14, 2019

Silver markets went back and forth during the week, showing signs of choppiness, as the markets are trying to take into account the US/China trade situation which of course is a fluid situation, and of course the central banks around the world loosening monetary policy. You can make an argument for a bullish flag though, so buyers will hang their hats on that. With that being the case, the hammer from the previous week should continue to be thought of as crucial. If that hammer gets violated to the downside, that could be a very negative sign for silver indeed. However, if it can continue to hold the market up, and if we can break above the $18.00 level, it’s likely that we will then break out towards the upside and towards the highs.

SILVER Video 14.10.19

Unfortunately, this is going to be driven by headlines involving the Brexit and the US/China trade deal. In other words, it’s almost impossible to place money into this market with any type of confidence as they could change things around quite frequently. With that being said though comic pay attention to the $17 level underneath as it is crucial. Just as the $18 level opens up a move much higher, a breakdown below that level could be rather negative. All things being equal, this is a market that should go higher based upon a multitude of issues, but it is going to be noisy to say the least.

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