 Good morning and welcome to the Chart of the Week video with me, David Madden. Today's date is Thursday, the 6th of August, 2020, and the time is just gone, 10.02 British summer time, and this week's Chart of the Week is silver. Silver today on the last few sessions has been on a very bullish run, and today it set yet a new seven-year high. It's here at the highest level, a fresh high since April 2013, it's been a very positive run, and today's video is going to take a quick look at what potential levels we could see in the near term. So, we're currently trading in around $27.67, so if we continue on from here, the next big number to keep an eye out for will be $30 to the upside. Keep in mind, we have been in a solid upward trend the last few weeks. For the time being, there's no sign of any signs of the trend declining. The price has been pushing higher the last few sessions. If we take a look at the MACD histogram and the MACD indicator, we can see that positive momentum is rising, so momentum is with the bulls. We could see a pullback, and if we do see a pullback, we could potentially see fresh buyers enter the fold because let's face it, over the last few months, buying on the dip has been a popular strategy. So, if we do pullback from here, we could see support, tend to come into play in around the $26 zone. We saw some consolidation here, it actually had resistance at the back end of July. And even if you go below $26, this area here, in around $24 once again, on a few occasions acts as support. And even if you go below that, we could be looking at heading back down towards the lows, this particular candle here on Tuesday, the 28th of July, which comes into play just north of $22 in a $22.30. Because it's in such a strong upward trend, we could even head all the way back down to around $20 just north of the 50-day moving average, this blue line here. And we still remain in the wider upward trend. And it's only really, if you have a decent break below that, could then we begin to think, you know what, maybe Silver's upward trend, maybe Silver's upward tear has come to an end. Now, if you are going to be trading Silver, it's worth your while keeping an eye on what's going on in the gold market. According to one of the tenets of Dow theory is that the averages must confirm each other. All that essentially means is that markets that are similar tend to move in a similar direction. So we've seen gold in the last few months push on higher. In fact, recently, it was only yesterday that we hit yet another all-time high in gold. So the trend in gold is clearly bullish. We've seen multi-year highs in Silver. So if you're trading Silver, keep an eye on what's going on in gold, or vice versa. Essentially, while both markets continue to go up at the same time, the wider trend is likely to continue. If Silver continues to push higher, but yet gold starts to plateau or even fall, that could be a warning sign that Silver is in for a better correction as well. There's no guarantees, but it can just be more confident if both markets are moving up at the same time. If you are going to be trading Silver or indeed gold today, it is worth noting that at 1330 British summer times, we have the U.S. unemployment numbers. We have the U.S. jobless claims, and we have the U.S. continued claims numbers. They could potentially act, provide some volatility on the U.S. dollar, and of course, the dollar has been weak recently, and that's part of the reasons why Silver and Gold have been performing so well. That's all for this video. Thank you for listening. Stay safe. Have a good trading week, and good luck.