Silver Daily Price Recap
The back and forth price flow continues for Silver, which started today off at 15.0535 US dollars, up 0.86% ($0.1285) from the day prior. Out of the 5 instruments in the metals asset class, Silver ended up ranking 4th for the day in terms of price change relative to the day prior. Here is a daily price chart of Silver.
Silver Technical Analysis
Volatility for Silver has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving down. For another vantage point, consider that Silver’s price has gone up 6 of the previous 10 trading days. Also, candlestick traders! Note we see pin bar pattern appearing here as well.
Overheard on Twitter
Over on Twitter, here were the top tweets about Silver:
- From muscleman6666:
@StockCats No that’s exactly what the Hunt brothers did to Silver futures, and the exchange put up a rule that in that case they can spread out the physical delivery over a few months, which caused silver price to collapse and the Hunts went broke.
- From Northst18363337:
@Reds72504883 Gold is acting as a safe-haven store of value. Silver is (for now) acting as a commodity. Paper silver price could fall much lower, but a ‘double bottom’ looks quite possible to me.
- From tzanni29:
@LostRoyal1 @timseymour @GuyAdami @CNBCFastMoney @CNBC I think anything under $20 is attractive ….when you can’t find ANY physical silver for the price it trades at Silver price is pure manipulation
In terms of news links for Silver here’s one to try:
Metals Focus expects demand for silver bullion and coins to rise 16% this year….The optimistic silver price outlook comes as industrial demand is expected to fall this year….Although silver’s industrial demand is expected to be lackluster this year, Newman said that he is optimistic the sector will survive the impending global downturn.