Silver futures closed higher today, as new president Donald Trump began implementing his first policy changes, spurring demand in safehaven precious metals.

For the full technical analysis, let’s check in with the experts over at Kitco:

March silver futures prices closed near mid-range. The silver market bears have the slight near-term technical advantage. However, prices are in a five-week-old uptrend on the daily bar chart. Silver bulls’ next upside price breakout objective is closing prices above solid technical resistance at $18.00 an ounce. The next downside price breakout objective for the bears is closing prices below solid support at $16.50. First resistance is seen at last week’s high of $17.36 and then at $17.50. Next support is seen at $17.00 and then at $16.84. Wyckoff’s Market Rating: 4.5.

In related news, gold futures touched two-month highs today, while the U.S. dollar traded lower on the first day of the trading week. The dollar has been trending lower for a few weeks now, and is now approaching a critical technical level.

On the ETF side of things, the iShares Silver Trust ETF (NYSE:SLV) was trading at $16.28 per share on Monday afternoon, up $0.09 (+0.56%). Year-to-date, SLV has gained 7.74%, versus a 1.06% 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 #13 of 32 ETFs in the Precious Metals ETFs category.

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