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Silver To Twenty?
From a strictly technical POV silver looks poised for the next leg up on its renewed bull market:
1) Pivot support is in a wide band from $15.50 – 16.00.
2) The 200-day moving average is ~$15.75 (middle of the aforementioned zone).
3) Just north of the 200-day average is a ~50% Fibonacci retracement level of 2015’s lows to 2016’s erstwhile highs.
For those who don’t know your Greek and want a little fundamental scuttlebutt, copper and nickel mines are being shuttered on account of weak demand from China, et al. Silver happens to be a by product of such mining activity.
Silver can be very volatile (No kidding?); be sure to employ risk controls whether using futures or options. You don’t want your silver investment to tarnish!
Adjusted for inflation, silver should be north of $150 per ounce.
For additional information and risk parameters please contact Walter Otstott @ 972-387-0080 or walter@dallascommodity.com
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