Make Kitco Your Homepage

Silver price slumps to 7-week low and now trending down

Kitco News

Editor's Note: With so much market volatility, stay on top of daily news! Get caught up in minutes with our speedy summary of today's must-read news and expert opinions. Sign up here!

Live 24 hours silver chart [ Kitco Inc. ]

(Kitco News) - Silver prices are sharply lower and hit a seven-week low in morning dealings Wednesday. A surging U.S. dollar index that hit a seven-week high today is helping to pressure the precious metals markets. Just this week, silver prices have shed almost $4 an ounce. Silver prices this week have seen their near-term uptrend (daily chart) negated and prices are now in a six-week-old downtrend on the daily bar char. The near-term technical posture for silver has deteriorated rapidly, and some longer-term chart damage has also occurred as prices this week produced a bearish downside gap. There is not much chart support that shows up for silver until prices reach major psychological support at $20.00. Still, silver bulls can argue a price uptrend is still in place on the weekly chart—but the bulls need to stop the bleeding very soon to keep that uptrend alive. December silver was last down $1.13 at $23.39. an ounce

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.