 Good morning and welcome to the chart of the week video with me David Madden Today's date is Friday the 30th of August 2019 and the time is just gone 11 40 for this summertime and this week's chart of the week is silver If you take a look at the price action in recent months We can see that the metal has been in a solid upper trend the last series of higher of higher highs and higher lows It's classic definition of an upper trend You can even argue the case that the radio which has been pushing higher since mid-July has actually been quite Steady quite steady and We may even see not so much a turnaround in the overall direction We might see a decline and a decline in the radio which isn't crazy. So a more kind of More slanted upwards low rather than the kind of aggressive Almost kind of you know, I'm kind of 60 degree angle type of movement. We've seen here in recent weeks and recent months Now part of the reason why silver is it's been a spot for demand recently It's because of the uncertainty in relation to China slowing down the US China trade trade today try the US China trade situation The absurdity of possibility of a no-dead Brexit political uncertainty in Italy Some of these factors are still ongoing although things are looking a bit more optimistic in Italy Things in relation to the US China trade situation for the time being have simmered a little But all these issues are still going on in the background These have all kind of prompt the traders to plow money into your assets that are due to be safe havens such as precious metals and like silver The Japanese yen is benefited as has government bonds around the world Doubt here theory tells us that the averages must confirm each other So if you can see a move a short movie to the to the upside in silver You most likely have seen one in gold as well. So if you take a look I was going on in the gold market in recent weeks and months This is here on a gold on a weekly chart gold in recent weeks and months has gone out to hit a level Not seen since early 2013 so talking like levels are six year highs in gold The levels that we see in recently in silver have been Levels that's in in over two years. So the gold market is pushing higher the silver market is pushing higher We can be more confident at the rally is going to continue in precious metals Although that's you know guarantees, but it makes it if if silver's hit a two-year high and goes in a six-year high We can be more confident that they're gonna bullish trend in silver is going to continue And if you do measure going to press on beyond here, we're currently in around 14 sorry 18 spot 40 on the silver market if you do continue to kind of press on hot on from here And we do manage to take off this level here in April 2017 and 18 spot 65 If you measure go beyond that we could be looking hanging up towards the psychology important 20 bucks mark Now if you do see a move to the downside in silver, we may see fresh buyers enter the fold It's been in a solid upward trend for recent months and buying on the dip has been a popular strategy It's even if you do measure you kind of taper off in the near term We could have find some support in around this area here just in around the kind of north of 18 dollars Drop below that we could find support coming from these regions here in around 17 But 70 or 17 spot 35 or indeed maybe even 17 itself But you know the wider upward trend is not very much very much in play It's only really if you're going to drop back below this blue line here the 50 moving average Which comes to play in at 16 spot 35? It's only really if you have a size of break below that could then we would That be good thing. You know what? The up, you know, you know what maybe the kind of recent upward trend that we've seen is coming to an end But on tail we see a Till we see a move below that the the wider upward trend is likely to continue If you are trading the silver market, please keep an eye out for the US core PC Reading which comes out today at 13 30 for this summer time It gives an indication of underlying a true demand in the United States Which in turn could impact the fed station in relation to interest rates next month There's a lot of chatter at in the markets that the Fed are going to lower rates Should that be the case that will be likely to soften the US dollar and assist the silver market But if you see economic indicators of the US in between now and then that are actually quite strong that could suggest the Fed might Hold fire in terms of coding interest rates that could firm up the US dollar and in turn potentially Have a slightly negative impact on the silver market because silver is traded in US dollars That's all for me this week If you've any comments make in this video or any of the other videos we've made here at CMC markets Please feel free to leave a view of reviews. Thank you very much