Silver Price Forecast for February

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February 7, 2019 6:25pm NYSE:SLV

long and stacked silver bars

From Christopher Lewis:

Silver markets tried to rally a bit during the trading session on Thursday but got rolled over again as we continue to hover around the $15.70 region. This is an area that should begin support, so I think that we could get buyers at this point but the 20 day EMA is starting to roll over a bit. What does this mean? This means that we could very well drift a little bit lower. I think we may need to test the $50.50 level underneath to find more buyers. It’s not a huge surprise that we struggled just above the $16 level considering that it is a large, round, psychologically significant figure and an area that where we had seen a lot of action in the past.

However, you can make an argument for a bit of an uptrend just below be informed by an extended line that is close to the $15.50 level as well, so I think pullbacks will be looked at as potential buying opportunities. The 200 day EMA underneath of course will offer support, so I think there’s enough to believe that the buyers will continue to go into this market and look for value as the Federal Reserve looks to be a bit soft. With that in mind, I’m looking for value at lower levels to take advantage of just as I am and other precious metals like platinum and gold. I believe the US dollar is going to struggle going forward.

The iShares Silver Trust (SLV) was unchanged in after-hours trading Thursday. Year-to-date, SLV has declined -7.63%, versus a 1.63% rise in the benchmark S&P 500 index during the same period.

SLV currently has an ETF Daily News SMART Grade of C (Neutral), and is ranked #9 of 35 ETFs in the Precious Metals ETFs category.

This article is brought to you courtesy of Yahoo Finance.

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