 Hello, welcome to this week's CMC Markets Commodity Snapshot with myself Jasper Lawler. Today we're going to be looking at silver, namely just because of the huge intraday price action that we saw at the beginning of this week. Now in the commodity snapshot from about three weeks ago, we were looking at silver and what we had in mind was this $15 per ounce level. Now what we've had since then is quite a fair bit of volatility in commodities. Obviously OPEC have made a major influence over the oil market. That's affected the US dollar and it's affected other commodities. And directly affecting gold, we had a referendum in Switzerland over whether the central bank would increase their reserves of gold holdings. As it turned out, the Swiss voted no so gold collapsed and silver went down with it. But on the very same day, both sets of commodities rallied massively higher and it just so happened to form around this $15 mark that we've been talking about previously. And that does have some bullish implications price action wise. So we're going to have a quick look at the short and long term chart to see how that could play out. Now what I want to first have a look at is just the daily candlestick chart for silver. Now there have been various explanations for why this move has taken place. One of them being that India have eased their import restrictions on gold. And it's actually Indian wedding season at the moment. So seasonality wise, that's typically a good time for gold. This particular price level and just the extent of the rebound in silver namely is why we're having a look at this chart now. And you can see this $15 level was where we formed the first low. But then just a few days later, we saw this massive move through. It ended up being a false break lower and we actually closed the day higher. And that whole round trip was over 18% for a daily range, which is huge in commodity markets. Now zooming out to the weekly graph, we can see the same chart that we were looking at in our previous discussion, previous commodity snapshot, where this $15 per ounce level has been an important one. And what we were saying there is that should we see a break below, we could be targeting $9 per ounce. But should we hold the level, then we'd be targeting the next level above. And so it does look like actually the latter seems to be what's taking place. The risk to this of course is that we are still officially in a longer term downtrend. And so you're fighting the trend here if you're buying, but the extent of this price action does indicate that we could see some recovery in silver. Now at this point, it's worth having a quick look at our client's sentiment to see how CMC markets traders are positioned for the silver market. And as you can see, it's generally fairly bullish. Now these figures can change day to day, minute to minute. But what we're seeing at the moment is that all of our clients in terms of the number of clients are over 80% long silver. And in terms of position value, all of the positions in terms of actually dollars and cents, pounds and pence are over 90% long the market. So that's it for this week's CMC markets commodity snapshot. We were of course looking at silver. The first thing to be aware of in this market will just be that high from December 1st when we saw that huge reversal candlestick. If we can break through there, that will be our first technical indicator that the bullish momentum is going to continue in silver. But then of course, we just need to be aware of the general fundamental factors affecting the market of late the most important of which has been the direction of the US dollar. More dollar strength could lead to more silver weakness and also just whether the decline in oil prices that we've seen is going to continue because that again will have its effect on other commodities and the US dollar.