This week, we take a look at the iShares Silver Trust (SLV).
With SLV down by more than 44% from it’s yearly high, I think it’s time we took another position in this precious metal ETF. To me it feels as though the institutions are pushing it down in order to buy it and there are too many gaps above the market to ignore it. The charts are showing a technical bounce off of the yearly support level around 26 and I’ve set my short-term price target up around the 29.50 area. Hitting our target would give us just about 10% for a return and I think that would be a great way to start off the New Year.
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