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Silver Regains ‘Hot Commodity’ Status; Rally To Continue Says Strategist

Silver Regains ‘Hot Commodity’ Status; Rally To Continue Says Strategist

Sarah Benali  

Silver continues to trade in the green, with prices heading for a fifth consecutive positive daily close, and according to one strategist, the metal may be able to score it.

“After a severe 12 percent correction over just four weeks, the commodity is enjoying a bounce that began on Wednesday. As we saw with crude oil, a pullback in the dollar is helping the commodity bounce from a deeply oversold condition,” noted Matt Maley, equity strategist at Miller Tabak, in a post on CNBC Monday.

Silver futures have been moving higher since mid-last week after hitting multi-month lows with July silver last at 16.74 an ounce, up 0.83% on the day. The last time silver prices saw five consecutive positive daily closes was just after the unexpected Brexit vote in June. Meanwhile, the U.S. Dollar Index hit a 6-month low Tuesday, last trading at 98.26.

Maley also pointed out that although crude oil has been suffering a similar pattern as silver, plunging in the past month, he maintains a positive outlook on both commodities. “[T]here is reason to believe today's respective bounces will continue,” he wrote.

For silver, Maley said speculative positioning seems to be moving in favor for higher silver prices.

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