Silver| Data | Chart | Calendar | Forecast | News
BUZ INVESTORS Silver Price Reacts Silver increased 0.28 USD/t. oz or 1.72% to 16.86 on Friday May 19 from 16.54 in the previous trading session. Historically, Silver reached an all time high of 49.45 in January of 1980 and a record low of 3.55 in February of 1991.
Silver is expected to trade at 18.00 USD/t. oz by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 17.40 in 12 months time.
But as long as silver remains below resistance up to 17.03 a bearish bias will remain intact. The January trend-line which was breached and overcome earlier this month was roughly where yesterday’s low was, and so we’ll keep an eye on that as possible support, but it’s not viewed as a significant source of demand. Looking below yesterday’s low at 16.41 the next level of support comes in at the December trend-line, which arrives not far above the monthly low at 16.07.
All-in-all, the stage is set for lower prices, however; US dollar weakness, if pervasive enough, could be the fly in the ointment for shorts should precious metals wake up and once again resume an inverse correlation with any kind of strength. We’re not going to worry about it too much until it actually matters, which lately it hasn’t. Getting back to silver on its own, as said earlier, as long as resistance isn’t overcome we’ll continue to remain in the bear-camp. A move towards the December low at 15.64 could be in store in the coming weeks.
Silver Price Reacts
|16.86||16.70||49.45||3.55||1975 – 2017||USD/t. oz||Daily|
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