COMEX Silver Down, Futures See Profit Taking

Forbes reported that December silver on the COMEX last traded down $0.282 at $34.67 per ounce while December silver futures ended near mid-range, in part due to profit taking.

As quoted in the market news:

Silver bulls are still in firm near-term technical command. Prices are in a 10-week-old uptrend on the daily bar chart. Bulls’ next upside price breakout objective is closing prices above solid technical resistance at $36.00 an ounce. The next downside price breakout objective for the bears is closing prices below solid technical support at last week’s low of $33.36. First resistance is seen at Tuesday’s high of $35.115 and then at this week’s high of $35.445. Next support is seen at Tuesday’s low of $34.42 and then at this week’s low of $34.21.

Click here to read the full Forbes report.