 Hello and welcome to the chart of the week a video with me David Madden Today's date is Thursday the 21st of February 2019 and the time has just gone 950 GMT This week's chart of the week is silver And as we can see here The silver market has been in a solid upward trend since mid-November last year a nice series of higher highs and higher low Solid example of an upward trend and yesterday the silver market reached its highest level in seven months That gives you indication of how bullish the silver market has been And if you stretch the chart out a bit further, we can see it we see the price action back to 2018 and if you notice how I'll come You notice how yesterday and previous that in January the silver market failed to Move beyond the 16 spot 20 price action this area here and you can see here from the price action in In the first few months of 2018 the 1620 acted as a Broad area acted as very decent support back in the first few months 2018 and now would appear That is acting as resistance. So classic example of all support becoming new resistance Now the market's been an upward trend for that number the last number of months if we can manage to Silver can manage to continue on The wider bullish trend that's been in place for the recent months. It might be able to break beyond 1620 and then if you do see a close on a daily basis or weekly basis above 1620 Excuse me. That could be then become new support again And that could be actually used as kind of a springboard for the market to push on higher again And we could be looking at targeting 17 17 dollars or we could be targeting this area here up here in around the 17 spot 35 region If the silver market does manage to turn lower yet again We could see support because it's the support come back into play in around this area here at 15 spot 50 Or if it falls Further support might come into play at this red line here at the dirty moving average which comes to play at 15 spot 22 15 spot 22 and a move below that might bring in the psychology important 15 dollars Price into play Now the price action that we're currently at is around 1587 15 spot 85 15 spot 87 and this area is going to be of fairly big potentially of big importance Because if you take a wider view on the silver market And if you take a draw trend line from the highs of July 2016 to the highs of June 2018 we get this trend line here and we can see here that actually that's fairly decent resistance At the back end of January so the market was pushing higher It ran into the trend lines trying to turn line in active resistance to markets dip lower I've been managed to actually trade above it and close above yesterday We'll trade it back below today. I want to try to pretty much on it So it's not a common for it for markets You can a dancer on the trend line before makes a decisive move one way or the other So I think the price action we're going to see in server for the next two days could be Very important. It's America said If a trend in the last few months has been to the upside So if you can get back above the trend line and back about six 16 dollars and back and back up close above 16 spot 20 we could see the the upward move of the last number of months continue But if the silver manages to remit fall below the trend line and remains below the trend line in the near term It could be a sign at the at a wider, you know multi-year downward trend is in play And like I said, we could be heading back to down towards potentially the 15 dollars mark If you are going to be trading silver, it's worth your while keeping an eye What's going on the US dollar and later on today? We've a number of economic indicators from the US. We have durable goods We have we have we've durable goods. We also have jobless claims And we also service figures and manufacturing figures from the US there in saffron loom One last thing before I go if you've any comments to make on this video or any of the other videos We've made here at CMC markets, please feel free to leave review on good ways. Thank you very much