Will Silver Prices Ever Crack $20 ?

Will Silver Prices Ever Crack $20 ?
Will Silver Prices Ever Crack $20 ?

 

Silver Futures—Silver futures in the May contract is currently trading at 15.03 an ounce after settling last Friday in New York at 14.95  in a very quiet and non volatile trading manor. Silver prices are mirroring gold if you take a look at the daily chart as silver also hit a 4 month low this week, however now has rallied off of major support around the 14.70 level as the trend remains mixed in my opinion.

Silver prices are trading right at their 20 day but still below their 100 day moving average as the U.S dollar has been the main culprit for these depressed prices, however historically speaking silver still looks very cheap in my opinion and if you’re a long-term investor with a buy & hold mentality I think silver could be the play.

The chart structure in silver is outstanding at the present time due to the extremely low volatility as we could be involved in a bullish position once again as I have a hard time selling silver below $15 as I think were squeezing blood out of a turnip so look to play this to the upside once the risk/reward become in your favor.

TREND: MIXED—LOWER

CHART STRUCTURE: OUTSTANDING

VOLATILITY: AVERAGE

 

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