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Silver Bulls Stumble; $16.00 Chart Support Needs To Hold

(Kitco News) - The silver market was pounded to a three-week low on Thursday, tracking the solid selling pressure in the gold market. Serious near-term technical damage has been inflicted in the silver market this week, as a price uptrend on the daily bar chart was negated. Silver price have lost more than $1.25 from the September high of $18.205, basis December Comex futures.

From an important longer-term technical perspective, the weekly continuation chart for nearby Comex silver futures shows prices are presently trapped in a choppy trading range. The silver bulls need to defend strong longer-term technical support at the $16.00 level. If that key price is breached, then the door would be opened to a quick move down to $15.00, or below.

Look for silver prices to continue to follow the lead of big brother gold. The fundamental element that still sits in favor of the silver market bulls is geopolitical uncertainty. Any flare-up in the U.S.-North Korea nuclear missile stand-off will support the safe-haven gold market, and in turn, silver. Such a scenario seems more likely than not in the coming weeks.

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