Silver Daily Price Recap
Silver closed the previous day down 0.68% ($0.18); this denotes the 2nd day in a row a decrease has occurred. Relative to other instruments in the metals asset class, Silver ranked 3rd since the previous day in terms of percentage price change. Below is a daily price chart of Silver.
Silver Technical Analysis
Notably, Silver crossed below its 20 day moving average yesterday. The clearest trend exists on the 90 day timeframe, which shows price moving up over that time. Also of note is that on a 30 day basis price appears to be forming a base — which could the stage for it being a support/resistance level going forward. Or to view things another way, note that out of the past 30 days Silver’s price has gone down 16 them. And for candlestick traders, a special treat: there is a pin bar pattern showing up on the charts as well. Rejoice!
Overheard on Twitter
For laughs, fights, or genuinely useful information, let’s see what the most popular tweets pertaining to Silver for the past day were:
- From SRSroccoReport:
@JasonEBurack Question for you Jason. A follower said he heard you say this, “that silver price growth will be limited by the increased lower grade (and scrap metal) mining as the price goes up.”Do you care to elaborate on what you meant??I am all ears.
- From fea__anaro:
If the gold/silver price ratio, which remained in the neighborhood of 15:1 from the time of Caesar Augustus to the 19th century, is now about 70:1, is this a sign that silver is extremely undervalued, or on its way out entirely?
- From MarcDeMesel:
Also cancelled shorting silver, problem is that silver production is not correlated to silver price, as it is too cheap to mine exclusively so mostly mined as byproduct, meaning if price explodes, does not mean production explodes.
As for a news story related to Silver getting some buzz:
Gold, Silver prices today: Comex gold traded 0.74% lower at $1,945.7 per ounce….Gold price rises for third day; silver rates at Rs 69,100 In India, retail prices of gold were tad lower today.