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Weekly Silver Chart Reveals Elements Favorable to Both Bulls and Bears

Kitco News

(Kitco News) - The weekly continuation chart for nearby Comex silver futures is a good example of a longer-term price chart that is valuable even for the shorter-term trader. Longer-term charts provide good perspective on where prices have been, historically, and where they may be headed on a longer-term basis.

The weekly silver chart has important elements that both the bulls and bears can argue favor their camp. For the silver bears, the chart reveals that prices are in a longer-term downtrend and for the past nearly one year prices have been trapped in a trading range bound by the January high of
$16.20 and the 2018 lows and the 2015 low of $13.63. Prices could continue grind sideways in the aforementioned trading range for quite some time to come.

For the silver bulls, they can examine the weekly silver futures chart and see that prices are very near the bottom of recent historical levels that have put in market bottoms. And if the silver market does put in a significant bottom at some point down the road, there is plenty of upside for prices to run in the coming weeks and months.

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.