Silver Pull Back

After 7 consecutive days of rising prices, profit taking finally hit this shining metal, silver. For those traders that went long when silver was hovering around the 20 EMA near the mid 38 level, taking some profit here seem to be a prudent thing to do.

This pull back in silver prices does not appears to be a trend reversal. The price actions still pointing toward potential higher prices until a technical breakdown has occurred to indicate otherwise. The level to watch for possible support for the silver future SI_F is near 40.40 and for the ETF, SLV is 39.30 (near their respective 20 EMA).

SI (silver future contract):



SLV (silver ETF):




Disclosure: No position.