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Silver Could Record Longest Losing Streak Since January
iNVEZZ.com reported that after trading unsteadily earlier in the week, silver is now slightly up. However, if it finishes “lower tomorrow on a weekly basis,” it will record its longest downward streak since “the three weeks ended January 31.”
As quoted in the market news:
On the New York Mercantile Exchange (NYMEX), September silver futures were 16 cents, or 0.5 percent, up at $20.82 as of 08:47 BST. They have declined 0.8 percent so far this month, after gaining more than 11 percent in June.
December futures ‘are in a three-week-old downtrend on the daily bar chart. The bears have the slight near-term technical advantage. Silver bulls’ next upside price breakout objective is closing prices above solid technical resistance at last week’s high of $21.21 an ounce. The next downside price breakout objective for the bears is closing prices below major support at $20.00. First resistance is seen at Wednesday’s high of $20.81 and then at this week’s high of $20.91. Next support is seen at Wednesday’s low of $20.55 and then at last week’s low of $20.4,’ writes Jim Wyckoff for Kitco News. In the week to July 29, silver ETF holdings were up 0.28 million ounces to 618.90 million.
