Gold and Silver appear to have found some footing…

After a recent sell-off in commodities including gold and especially silver, these precious metals appear to have found some support. The metal of most interest lately has been silver. After an historic run only to be followed by drop of more than 30%, traders have been eyeing the $32.oo support level of the iShares Silver Trust symbol (SLV) chart. These shares track and reflect the price of silver and has been one of the hottest ETF’s this year. Technically, the SLV still has more work to do to resume its uptrend, however it is clear that some support has been found at these levels. I will be watching the $38.00 zone which is also the 50 day moving average to see how this ETF will behave should it lift back there in the near future. Even the more broader commodity tracking index (NYSEArca: DBC) chart seemingly has stabilized in the $29.00 zone.

This could be good news for the overall markets which have been under pressure over the past few weeks.

Have a great day.