Silver Futures Index $SILVER (SILVER)

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The Metals (Silver) for the Benchmark
By: Marty Armstrong | September 12, 2018

When we turn to silver, here we did make a new low on the Benchmark target last week. This now means that silver has broken the 2017 low making 2018 a down year so far. The fact that we have produced a low on the Benchmark infers that the market is still bearish. This seems to make sense if we are going to witness a dollar rally which breaks the back of the monetary system BEFORE a bull market can materialize.

The critical support remains at the Major Weekly Bearish Reversal lying at 1372. We do have an addition Weekly Bearish at 1402. We are trading at the time of this post at 1426. The Weekly Bullish Reversal stands well above the market at 1535. Without a closing above that level on a weekly closing basis, then further new lows lie ahead. A month end closing below 1420 will also signal we may yet break the 2015 low of 1362.

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