For the full technical analysis, let's check in with the experts over at Kitco :
March silver futures prices closed near mid-range. The silver market bears have the slight near-term technical advantage. However, prices are in a five-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 last week's high of $17.36 and then at $17.50. Next support is seen at $17.00 and then at $16.84. Wyckoff's Market Rating: 4.5.
In related news, gold futures touched two-month highs today, while the U.S. dollar traded lower on the first day of the trading week. The dollar has been trending lower for a few weeks now, and is now approaching a critical technical level .
On the ETF side of things, the iShares Silver Trust ETF ( NYSE:SLV ) was trading at $16.28 per share on Monday afternoon, up $0.09 (+0.56%). Year-to-date, SLV has gained 7.74%, versus a 1.06% 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.