Was That The Bottom In Silver ?

Silver Futures---Silver futures in the May contract is currently trading at 14.51 an ounce after settling last Friday in New York at 12.38 up over $2 for the trading week experiencing high volatility as prices hit an 11-year low last week.

Silver has been mirroring the gold market which is also having tremendous price swings on a daily basis as I'm not involved at the current time as I will wait for the chart structure to improve as prices historically speaking look cheap, but there is so much uncertainty due to the Coronavirus as I don't know where prices are headed in the short-term.

Congress passed a massive 2 trillion-dollar relief package which generally is supportive silver prices, but in the short-term is having very little impact, but I think longer term this will start to be a bullish factor towards silver and the entire commodity markets in general.

The last time this happened was in 2009 when commodity prices were depressed and then we experienced tremendous rallies over the next couple of years. Interest rates will probably remain near zero for several more years as that is also a bullish factor towards prices so keep a close eye on this market as we could be involved soon.

TREND: MIXED

CHART STRUCTURE: POOR

VOLATILITY: HIGH

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