Silver prices closed slightly down on Tuesday, as traders on both sides jockeyed for position amid sharp currency moves, geopolitical turmoil, and a technical setup that seems to point to more gains coming.
Silver is already up more than 11% year-to-date, making it one of the best performing assets of the year thus far. For comparison, gold is up around 7% and oil is down -4.5% in the same period.
From a technical standpoint, silver’s short- and medium-term trend is clearly up, but long-term, the chart is much more bearish. Kitco has all the details of the technicals affecting silver prices right now:
March silver futures prices were nearer the session high and hit a nearly three-month high today. The silver market bulls have the slight overall near-term technical advantage. 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 $17.00. First resistance is seen at $18.00 and then at $18.25. Next support is seen at this week’s low of $17.46 and then at $17.26. Wyckoff’s Market Rating: 5.5.
The iShares Silver Trust ETF (NYSE:SLV) rose $0.02 (+0.12%) in premarket trading Wednesday. Year-to-date, SLV has gained 11.12%, versus a 2.42% rise in the benchmark S&P 500 index during the same period.