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Silver Prices Trade Sideways As Traders Digest Losses

Silver Prices Trade Sideways As Traders Digest Losses

Alejandro Zambrano, Market Analyst

Silver prices maintain their sideways trading pattern as traders digest the decline from its October high of $16.33 to $13.59. And while the trend is flat since the end of November the lack of a bearish move does not suggest that it’s time to go long.

For traders to go long it would be fair to expect them to do so on a good fundamental case. Two potential drivers may be risk-aversion picking up (watch Monday’s ISM report) or a changed outlook for the dollar. Something that is not my base case and with this in mind I stick to my bearish view.

From a technical point of view the trend is bearish below the December high of $14.62. Last week we suggested that traders would short near this levels and taking prices lower. This has now happened and I suspect that price will trade lower in the weeks ahead. The first target for bearish traders will be the December low of $13.59, with $13.17 in the case of an extension.

If silver prices manage to take out the December high of $14.62, prices may reach $15 and $15.50, but I would see this an as technical rebound and not the beginning of a new major reversal.

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Silver Price

Silver Prices Trade Sideways As Traders Digest Losses

Created with Marketscope/Trading Station II; prepared by Alejandro Zambrano

--- Written by Alejandro Zambrano, Market Analyst for DailyFX.com

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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