A very simple update after a few subscribers have written to question their positioning in silver. I generally don’t care much about silver, at least as compared to gold. But as we all know it is a wild mover (both ways) when it does move.
With the CoT having improved last week and with this week’s angst likely to have driven it to a low risk reading (CoT, which will show data as of the May 10 will be out at 3:30 US ET at CFTC) we note that silver’s weekly chart has banged a logical support level that could spring a rally. As for ‘no brainer’ support, which some have asked about, there it is at 18.60.
That’s all I got, folks. Silver is at support with risk greatly reduced from just a couple of weeks ago.