Have Silver Prices Finally Bottomed ?
Silver futures in the May contract are trading higher by $0.22 at 16.64 an ounce experiencing some strength this Tuesday in New York as the U.S dollar is down about 50 points as the precious metals are higher across the board.
I am keeping a close eye on this market for a possible bullish position if prices breakout above 17.02 as the chart structure is starting will improve on a daily basis as this market remains choppy to sideways at the current time.
Silver prices are trading above their 20 day moving average, but still below their 100 day which stands at 16.88 & as I’ve talked about in many previous blogs silver prices are incredibly cheap especially compared to the rest of the commodity markets which are starting to rally in 2018 as I do think silver will join the party eventually especially if the U.S dollar continues its bearish trend as prices are still at a 3 year low.
Volatility in silver still remains exceptionally low as that should change as its just a matter of when as I think that volatility will be to the upside, however I will wait for the breakout to occur before entering as trading in a choppy market can be very frustrating & difficult.
Gold prices are up $12 today currently trading at 1,332 an ounce as I’m not involved in any of the precious metals, but I think they will start to follow the energy sector higher as they are all considered inflationary commodities as the gold market also remains very choppy.
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