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