The gray metal is now clearly taking the lead from its counterpart, gold, which has seen three straight days of gains itself now. The cause for the precious metals rally, for once, is quite simple: investors are flocking to safehaven assets amid a sharp equities pullback, which itself is a product of President Trump's controversial new executive orders.
March silver futures prices closed nearer the session high and hit a 2.5-month high today. The silver market bulls and bears are now back on a level overall near-term technical playing field. However, the bulls have momentum on their side. Prices are in a six-week-old uptrend on the daily bar chart. Silver bulls' next upside price breakout objective is closing prices above solid technical resistance at $18.00 an ounce. The next downside price breakout objective for the bears is closing prices below solid support at $16.50. First resistance is seen at today's high of $17.635 and then at $17.75. Next support is seen at $17.36 and then at today's low of $17.105. Wyckoff's Market Rating: 5.0.
On the ETF side of things, the iShares Silver Trust ETF ( NYSE:SLV ) was trading at $16.63 per share on Tuesday afternoon, up $0.40 (+2.46%). Year-to-date, SLV has now gained 10.06%, versus a 1.50% rise in the benchmark S&P 500 index during the same period.