Silver Forecast August 18, 2016

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Hi this is Chris from The Trader Guy taking a look at the silver markets for August 18. In front of you I have the silver chart, and you can see that we had a fairly negative session on Tuesday as would’ve been somewhat predicted by the shooting star on Monday. The $19.50 level below has caused a bit of support, and we have bounced a little bit. But we also have the 50-day exponential moving average just below. This is an area that has been consolidation for some time and really I don’t see anything here yet the makes me want to sell. I will admit that the last couple of sessions have been rough on silver, and we will have to wait and see. I think the real support of the bottom of the support range is probably closer to the $19.25 level.

However, any supportive action in this area will have Adrian and I going long to at least the middle the range if not the $20.50 level. A break above that is a longer-term buy-and-hold situation. You can see that the 50-day exponential moving average and the 100-day exponential mode moving average are both very positive at the moment so I still think that the buyer’s enthusiasm underneath will continue. At this point, it’s just that were in a very low-volume part of the year and quite frankly there isn’t much going on. So if you are patient enough could very well find yourself a buying opportunity in silver.

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