Silver (SLV) Jumps Despite U.S. Dollar Strength

While the major stocks indexes are coming under heavy selling pressure silver is on the move higher. Today, the iShares Silver Trust (SLV) is trading higher by 2.17% to $21.66 a share. This pop in the  iShares Silver Trust (SLV) comes despite the near term strength in the U.S. Dollar Index. Often, when the U.S. Dollar is strong silver will decline, but that is not happening today. 

This coming Friday (Jan 21st) is options expiration for January. Very often, certain equities will be moved by the large institutions into options expiration as they have figured out some imbalance that can ultimately make them money. So while it is possible that the move in the iShares Silver Trust (SLV) is due to this, it is a stand out today. Short term traders should watch for 2 major resistance levels for the iShares Silver Trust (SLV). The first resistance level is around the $22.05 area.  After that, the next major resistance area is around the $24.00 level. It should be noted that while there is near term strength in the iShares Silver Trust (SLV) the bigger picture still looks bearish, so use caution at this time and continue to monitor this chart closely.    

Get EVERY trade Nick is taking with his members right here…

Get all of Nick’s OPTIONS Swing Trades Here    <<>>    Get all of Nick’s STOCK Swing Trades Here