Silver isn't Looking Too Hot - It's Struggling to Hold at $19.00/oz

4:50 AM


August 22, 2016 -- Gold and silver prices fell in last week’s trading and opened significantly lower in Asian trading last night. That wasn't a positive start to the new week - particularly for silver, which just broke below the range where it has been trading in the past two months. The white metal is struggling to hold at $19.00/oz and looks considerably weaker on the technical charts.

Following 6 months of remarkable performance and record levels of speculative interest, a consolidation in the precious metals area is expected. One question will be whether hedge funds and other large speculators are willing to hang in there and defend their long positions by buying this pullback. So far, this group has been quite persistent and have not allowed prior gold and silver corrections in 2016 to last very long.

Live prices at MoneyMetals.com show gold currently trading at $1,337.20 per ounce on the global market, and silver is coming in at $19.04.

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