Silver Chart Analysis

As we’ve already looked at gold this weekend, let’s take a very quick look at silver:

Here’s the silver daily chart.

Silver has been in a downtrend for the last two and half weeks. The MACD indicator is bearish with both lines pointing downwards and the signal line above the MACD line.

The ADX indicator is also bearish with the red -DI line above the green +DI line. Silver closed out the week right on the 50 day Moving Average. There is some support at $16.50.

Conclusion

Overall, the situation currently looks bearish. We’ll have to see if the recent uptrend in the copper price helps silver from dropping lower.

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