 Good morning and welcome to the chart of the week video with me, David Madden. Today's date is Thursday the 18th of June 2020 and the time is just gone 9 30 bird of summer time and this week's chart of the week is silver. If you take a look at the wider view from about late mid to late March onwards it's been in a nice upper trend in early June it hit its highest level in over three months and since then it's just it ever saw slightly lower but we can see here that it is still above this red line here which is a two-in-a-day moving average and that comes into play at 16 spot 90. That metric acted on a few occasions nicely as support so it's quite possible that metric is going to continue to act as support but obviously there are no guarantees and while a hold above this metric it's likely we could see the wider upward trend of the last few months continue so if you press on there from here we could be looking at retesting high set in early June and if you go beyond that we could then be looking at targeting this area up here in around 18 by 85 and if you move beyond that we could be looking at targeting the highs that were set in early September in around 19 spot 65 so these are the areas to keep an hour for should be going to wider bullish trend continue on the flip side it is worth noting we did see a move to the downside we saw a lower low and lower high and another lower low so it's possible that that silver could be about to turn lower yet again and that is the case if we do have a decisive break below this red line here the journey moving average it could take us back down towards this zone here which is where this yellow line watered a moving average and this blue line the fifthly moving average seem to collide and that comes in and that zone is in around 16 spot 28 we can see on a few occasions the 100 day moving average active at resistance back in March the turning moving average active as resistance and support in May so both two metrics on the road have been recently important now that they're overlapping it may make this this zone potentially fairly important and if you do have a 30 size of break below that could that could take us all the way back down to this area here down around a 14 spot 54 now if you are going to trade silver it's worth keeping an eye at what's going on in the gold market we're doing that because of doll theory one of the tenants of doll theory is that the averages must confirm each other and what that essentially means is that markets that are fairly similar tend to move in the same direction at the same time and there's a recent degree of correlation between gold and silver so if you fear who's part of that silver is it an uptrend and if you're wondering if it uptrend is going to contain you perhaps the gold market gives give you some insight so we can see here that gold is in it's been it's been in a fairly strong position the last few months in fact the level that hit in mid-May was a seven seven and a half year high it's it's been a range bound recently but it's still holding above its fifthly moving average so gold is an uptrend which as you saw a moment ago silver is in an uptrend so it can become more confident that the bullish move is going to continue in silver obviously there are no guarantees but it is something that is worth keeping an eye on if you are trading silver or any market today I'm just keeping in mind at 12 o'clock today for the summertime the Bank of England have their interest rate decision that could impact volatility and sterling and therefore the US dollar and commodity such as silver are listed in the US dollar so we could see a move in the back of that and later on today at 13 30 for the summertime we have a number of economic announcements from the US the fully fed manufacturing US counting claims and US jobless claims once again that gets brought some volatility in the in the in the US dollar and should that be the case that could ripple out to an impact on dollar quoted commodities such as silver thank you for listening stay safe have a good trading week and good luck