Given the geopolitical landscape currently, we would expect Silver prices to have followed the same path as Gold, as precious metals are often a safe haven option for investors during times of political unrest. However, Silver has been on its longest losing streak since the end of November 2013, as around 50% of the world’s Silver demand is industrial. With Silver touching long-term resistance levels, Silver appears to presenting a short-term selling opportunity.
Investors Notes:
- After reaching a strong support of 19.73 silver has tried to crawl up the chart but has failed to gather any bullish momentum.
- Given the bullish run on Gold, it appears unlikely that Silver will follow at this stage.
- Price action remains below all moving averages, with all moving averages indicating downward momentum.
- A bearish crossover of short-term moving averages further indicates bearish momentum.
- The decline through the $20.08 level represents a significant breakthrough of the most recent and persistent range.
- Banc De Binary analysts predict there will be a continued decline in Silver prices, indicating a long-term downward movement in SILVER.