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Silver Prices Hit Three-Month Highs As Bulls Continue To Rule The Market
Silver prices closed at twelve-week highs on Wednesday, and continued to gain Thursday morning, amid higher U.S. inflation, a weakening dollar, and renewed chances of an interest rate hike in the near term.
Silver was last trading around $18.03 per ounce, eclipsing the important $18 level for the first time since early November. Precious metals’ rally this year so far has been fueled by a flight to safehaven assets, even as equities markets continue to hit fresh all-time highs, amid rising interest rates and geopolitical uncertainty.
For the technical analysis of where silver prices stand, including key price levels to watch, we’ll kick it over to the experts at Kitco:
March silver futures prices closed nearer the session high and closed at a three-month high close today. The silver market bulls have the overall near-term technical advantage. Prices are in a seven-week-old uptrend on the daily bar chart. Silver bulls’ next upside price breakout objective is closing prices above solid technical resistance at $18.50 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 this week’s high of $18.09 and then at $18.25. Next support is seen at this week’s low of $17.73 and then at $17.545. Wyckoff’s Market Rating: 6.0.
On the ETF side of things, the iShares Silver Trust ETF (NYSE:SLV) rose $0.08 (+0.47%) in premarket trading Thursday. Year-to-date, SLV has gained 12.77%, versus a 5.10% rise in the benchmark S&P 500 index during the same period.
SLV currently has an ETF Daily News SMART Grade of B (Buy), and is ranked #6 of 33 ETFs in the Precious Metals ETFs category.
You are viewing an abbreviated republication of ETF Daily News content. You can find full ETF Daily News articles on (www.etfdailynews.com)
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