December Silver is trading $26.535, down 295 cents. The equity market is cratering to the downside. No benefit so far for silver from equity weakness. The U.S. dollar has been materially strong, putting silver on the defensive. The dollar appears to be in sideways to higher price action in the coming weeks. I do not rule out a wash below $25.00 for silver. Any weakness will be, again, bought rather than sold. I do not expect silver to stay below $25.00, mostly, if we start to see recovery or stabilization of equities, with the U.S. election just around the corner. The appetite for silver will remain strong. There may be some profit-taking in the meantime. As seen below, the weekly chart, Silver doesn’t look bearish in my view. But again, a decent washout in silver might be in the cards. 

Silver Weekly Chart
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Eli Tesfaye

Senior Market Strategist
Eli started his career in the futures and options market while he was in graduate school finishing up his MBA in 2003. Eli specializes in Automatic trading strategies and systematic options trading strategies in futures market. He has been Series 3 license holder since 2005. Eli's is an avid reader, runner, and yoga practitioner.
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