Here Are My Silver Thoughts
Silver Futures—Silver futures in the March contract settled last Friday in New York at 18.01 an ounce while currently trading at 17.64 down nearly $0.40 for the trading week as the Coronavirus panic has subsided here in the short-term sending prices lower.
At the current time I’m not involved in any of the precious metals as they remain choppy, but I still do believe longer-term silver prices look cheap as I certainly will not take a short position as I think the downside is very limited. Silver prices are trading right at their 20 & 100 day moving average as the trend is mixed as I’m looking at a possible bullish position in the coming weeks ahead as I think we are in a bottoming-out pattern.
The volatility at the current time remains relatively low as historically speaking silver is one of the craziest markets which can have huge price swings on a daily basis and I think that situation will occur again. I truly believe with all the trade agreements that the Trump Administration has cemented over the last several weeks it will be bullish all commodity markets once the Coronavirus situation subsides as I think the upside potential could be huge.
CHART STRUCTURE: POOR
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