SLV Stock Quote: The US Dollar, Gold and Silver: SLV building a base
Sol Palha: Financial & Economic Insights SLV Stock Quote: The US Dollar, Gold and Silver

SLV Stock Quote: The US Dollar, Gold and Silver

 

 SLV Stock Quote: The USDollar, Gold and Silver

A man who has committed a mistake and doesn’t correct it is committing another mistake.

Confucius, BC 551-479, Chinese Ethical Teacher, Philosopher

SLV Stock Quote: Time To Get Into Silver

The dollar as expected has mounted a very strong rally, and it now needs to close above 96.00 on monthly basis, to be in a position to test the 99 to 100 ranges.  The Euro is still not out of the red zone as many members are still facing huge budget shortfalls. Potentially Spain, Portugal or Italy could find themselves in the same place Greece is now in. We still think there is a good chance for the Euro to Trade on par with the dollar before a long term bottom is in place.

UUP Invesco DB US Dollar Index Bullish Fund daily Stock Chart

The dollar has rallied very strongly, so it’s normal for it to let out some steam. However, there is a massive barrier of resistance in the 99-100 ranges and test of these levels could lead to an even stronger correction. For now, we believe that the dollar is consolidating and build up steam to the test the 100 ranges.

SLV Stock Quote Update

SLV iShares Silver Trust daily Stock Chart

A monthly close above 15.50 should lead to a test of the 18.00  to 21 ranges with a strong chance of overshooting to the 24.00 ranges. Those looking for more leverage could get into leveraged ETFs such as USLV and AGQ.   As the dollar consolidates it could provide both Gold and Silver with enough power to surge upwards. Lower interest rates also provide a favourable environment for both these metals. Investors willing to take a risk can use sharp pullbacks in this sector to open long positions.

It doesn’t work to leap a twenty-foot chasm in two ten-foot jumps.

American proverb

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