Precious metals are trying to turn higher after finding support at a critical price level. Today we look at Silver Futures prices and the potential for a reversal.
On today’s chart, we can see that Silver found support at just the right time/price. I don’t know if it will hold but it does look like an interesting trade setup.
We have a bearish view on the U.S. Dollar, which I think will help both precious metals get a lift over the short-term. Should this play out, then Silver (and Gold) will likely move higher.
My initial target would be 24.50, as there is critical resistance there (breakdown area and down-trend line). Silver would need to breakout over its falling trend line (currently around 25) for a more bullish move.
The author or his firm have a position in mentioned securities at the time of publication. Any opinions expressed herein are solely those of the author, and do not in any way represent the views or opinions of any other person or entity.