Silver Profit TakingPosted 02/01/2019 9:57AM CT |
Front-month March silver is trading 15.980 down 8.5 cents on the day. Silver is still relatively strong coming off the week’s dovish Fed outlook as well as the weak dollar. Pull-back in silver would be a buying opportunity rather than selling. I have previously stated, trade most likely retest near 16.00. I still think more upside in silver. If you are not long already either using options or futures or any combinations, I suggest sit tight for a decent pullback.
Still, hold the view that Silver has a bit to go on the upside. Also, the gold/silver ratio is sitting at 82.75 from a recent high of 86.16 suggesting that “bid” for silver continues to improve relative to Gold. Again, the path to least resistance is to the upside for now. Any pullback might be seen as buying rather than selling opportunity.
Silver Mar ’19 Daily Chart