Markets

Silver Looks Vulnerable Right Now As Equities Pick Up Steam

March Comex silver fell $0.16 (-0.94%) to $16.82 per ounce in Thursday trading. Year-to-date, silver is still up about 5.5%, but those gains appear vulnerable now, given how strong equities are performing as of late.

We'll now kick it over the the experts at Kitco for the technical analysis:

March silver futures prices closed near mid-range and hit a two-week low today. The silver market bears have the near-term technical advantage and are having a good week. Silver bulls' next upside price breakout objective is closing prices above solid technical resistance at the January high of $17.36 an ounce. The next downside price breakout objective for the bears is closing prices below solid support at $16.00. First resistance is seen at today's high of $17.05 and then at $17.25. Next support is seen at today's low of $16.68 and then at $16.50. Wyckoff's Market Rating: 3.0.

On the ETF side of things, the iShares Silver Trust ETF ( NYSE:SLV ) was trading at $15.92 per share on Thursday afternoon, down $0.18 (-1.12%). Year-to-date, SLV has gained 5.36%, versus a 2.67% rise in the benchmark S&P 500 index during the same period.

SLV currently has an ETF Daily News SMART Grade of C (Neutral) , and is ranked #14 of 32 ETFs in the Precious Metals ETFs category.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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