Silver Prices Plunge This Week

Silver Prices Plunge This Week
Silver Prices Plunge This Week

Silver Futures—Silver futures in the December contract absolutely collapsed this week after settling last Friday New York at 27.12 an ounce while currently trading at 22.85 down about $4.25 for the week as prices have now hit a 2 week low.

At the current time I am not involved in silver as my only recommendation was copper & platinum as the whole sector had a tremendous wash out this week as I will be looking at a bullish position if prices can test the $20 level in the coming weeks ahead. Silver is now trading below its 20 & 100 day moving average as the trend is to the downside as fundamentally speaking the U.S dollar hit a 10-month high as that is a negative factor for silver prices.

In my opinion I think silver prices are headed slightly lower in the coming weeks ahead, but as I stated before I will be looking at a bullish position as I do not think the $30 level will be the high in 2021 especially with all of this Federal stimulus money being put into action as prices are looking cheap in my opinion.

The volatility at the current time is extremely high so if you are involved make sure that you only risk 2% of your account balance on any given trade as I will be lying in the weeds waiting for a special opportunity to come about.

TREND: MIXED–LOWER

CHART STRUCTURE: POOR

VOLATILITY: HIGH

 

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