Morning Silver Market Report While silver may garner some support from dollar weakness, it really needs strong fundamental demand to build a bullish case. For that it probably needs some strong industrial buying from China, much like copper would. Overnight May silver gave up all of its gains from yesterday and traded to its lowest level since Thursday. Talk that Chinas growth rate will come up short of the official target of 7.5% this year may have contributed to the declines in both silver and copper. Comex Silver Stocks were 178.285 million ounces down 66,088. Traders may consider a retest of $19.57 in May silver as an area to bargain-hunt, considering that the speculator net long position has declined recently. But we also suggest they use global equities as a leading indicator. Unless the June S&P moves back above 1850, conservative traders might want to stand aside, as May Silver probably needs a close above $20.145 to turn us bullish.
Posted on: Wed, 09 Apr 2014 12:49:21 +0000
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