Silver Looks to Continue Sideways to Lower MovePosted 11/26/2019 10:17AM CT |
January silver started this shortened trading week continuing the sell-off from last Wednesday’s high of 17.22 but has had a good bounce on Tuesday to start the day. There will be no trading for the Thanksgiving holiday and a half day on Friday. Global equity markets overnight were mixed and there have been no major changes either way with U.S./China trade negotiations. The market is bearish short term with U.S. equities at all-time highs and a slowing of U.S./China trade headlines. A close below the recent low of 16.68 would signal a selloff to 16.35 where we would see some value buying coming into the market. A push above 17.25 is needed to go test resistance at 17.48. Look for rallies to be sold as this sideways to lower action should continue until we see a change in fundamentals.