Silver has been one of the strongest metals in the market since March 18, 2020. This is when the precious and industrial metal made a low at $11.64 an ounce. Since that low pivot, the precious metal has surged to $18.95 an ounce on June 1, 2020. That is a 62.8% gain in silver since the March bottom. Investors and traders must admit that the move was an astounding gain in such a short period of time for any equity.
Traders should note that silver futures are currently trading around the $17.90 level. Obviously, silver has pulled back a little over the past week or so, but this is very healthy action for the commodity. In fact, silver futures have very good daily chart support around the $16.00 area. This would be a level where I would look to pick up the precious metal for a long side trade. Traders that use the iShares Silver Trust (SLV) should watch the $15.00 area for a solid long side trade opportunity.
Central banks around the world have been adding a lot of liquidity into the system recently. The coronavirus scare is likely to have an effect on the markets for the foreseeable future. This should keep the central banks easy for longer when it comes to easy money policies. This is fundamentally bullish for both gold and silver going forward.
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