While I do believe that silver futures have based a long-term bottom in the mid fourteen-dollar range, I am also disappointed with silver’s inability to take out the January swing highs at $16.47. I do remain long-term bullish, but if September silver futures fail to punch through the $16.00 soon, like while gold futures are trading multi-year highs, then we are likely to see a retest of the $15.00 range.
I am encouraged that September silver futures did manage a close above the 200-day moving average yesterday, but we need to see some follow through today. A close above $15.32 would be considered bullish.
I do still see silver as being extremely under valued at these levels and I don’t see or understand why, but I also know that certain levels on the chart need to be taken out before the buyers get more aggressive. The higher the price of silver goes; the more traders will want to buy!
Silver Sep ’19 Daily Chart