 Hello and welcome to the chart of the week video with me, Dave Madden. Today's date is Thursday the 23rd of May 2019 and the time has just gone 9.50 British summer time. This week's chart of the week is silver. Starting off with a really wider term view, looking back all the way from 2016, we can see here that silver has been in a very clear and obvious downward trend. If you take a look at the price action, more so in the last few months since February, we can see that since February, silver tends to be in a downward trend and we're seeing a nice series of higher lower lows and lower highs all the way along. In fact, only this week, silver fell to a level not seen since early December 2018. That gives an indication of how bearish the silver market has been recently. Given that the wider trend over the last few years has been to the downside, it's looking likely that we could see further losses on the silver market. If you do manage to press on lower from here, if you take out this area here in around the 14-spot-4 region, if you see a size of the break below that, that could take us back down toward the cyclical and important 14-spot-0 level down around here. If you go below that, we could be looking at targeting this area here, which would be the November lows in around 13-spot-89. If you do see a rally in silver, we could see fresh sellers enter the fold because, as you see in the last few months, selling rallies has been a fairly popular strategy. Notice how we saw the market rally up towards here in March. We saw the highs of April were short-lived along with the highs that were achieved in early May, so moved to the upside. I've often attracted fresh sellers, so if you do see a bounce back in the silver price, we might see new short-worth enter the market. If the market does market-manager rally, we could see resistance coming to play in around this area here, this red line, which comes into play, which is a tunerly moving average, by the way, and it comes into play at 14-spot-91. We can see here on a few occasions, in late April and early May, that predictor metric did manage to act as resistance. If a metric is acted as resistance in the past, it makes it more likely that it will do so in the future. The same can be said for this blue line here, the fifthly moving average, which comes into play just south of the psychology-important 15.00 level. We can see here, at the fifthly moving average, acted as support at the back end of last year on a few occasions, and managed to act as resistance on a few occasions as well in 2019. Once again, if a metric has been important in the past, it makes it more likely that it will be important in the future. Obviously, there are no guarantees. If you do manage to go beyond the fifthly moving average, the next area of resistance could be this region here, in around the 15-spot-11 mark. There's a few occasions to market there, thereabouts, between the 15.005, 15-spot-11 region, that act as resistance in mid-April, so that might do so again in the future. But if you do have a size of a break above 15-spot-11, that could be an indication that the downward trend has been in place for the last few months has come to an end. And we could be actually looking at pressing on higher up towards 15-spot-3 and beyond. Now, if you aren't going to be trading the silver market, it's a good idea to keep an eye out for what's also going on in the gold market. Dow theory tells us that the averages must confirm each other. And gold and silver tend to move in the same direction. And if this is a gold chart we're looking at here, and notice how the price action from February onwards has been quite similar, whereby we've seen a series of lower lows and lower highs on the gold market. But it is worth pointing out that the lows in May on gold, having taken out the lows, the recent lows in May haven't taken out the lows of early May and late April for gold. So if you do see the gold market take out this area here in around 1266 and break below the early May stroke late April low, that is possible that can actually add to the bearishness in the silver market. So if you keep an eye on, if you're trading silver, also keep an eye on the gold market, but also keep an eye on what's going on with the US dollar. Gold and silver are quoting US dollars. The strength of the US dollar is the tendency there is, there can be an inverse relationship between the two. So whenever you see a single, in everything that the US dollar push higher, we've often see gold and silver drive lowers to keep an eye on what's going on on the dollar index as well. We can notice here how the May highs have just about managed to take out the April highs on the US dollar index, even though we heard from the Fed last night made it pretty clear they're likely to move rates in our direction for the foreseeable future. Interest inflation rates are below their target. That's the main sticking point for the Fed, even though they admitted the jobs market is strong, the US economy is strong, but it's also about politics. With certainty over Brexit and the poor manufacturing numbers in the Eurozone are actually making the US dollar relatively strong of the major currency. So keep an eye out for the green back. It is worth noting that tomorrow and Friday we do have US durable goods numbers as a possibility that could impact the US dollar and in turn possibly impact the price of silver and gold as well. One last thing before I go, if you have 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 a review on click or visit. Thank you very much.