According to Gene Arensberg for Resource Investor, technical traders are waiting to see if silver “respects” its May lows. If silver hovers around the $32 an ounce range, with a trading stop just under the $31.97 May low, then silver may be able to maintain a higher price trading range. However, if prices fall below that point, traders will expect silver and SLV to fall to a new, lower support level.
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iShares Silver Trust
Max Chen contributed to this article.
Full disclosure: Tom Lydon’s clients own SLV.