Weekly Silver Chart Reveals Elements Favorable to Both Bulls and Bears
(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.