Spot silver prices have moved into the range where I saw some graphs back in March. The current price is $17.47.
On March 16 2017, I saw a graph of silver dropping down steeply to $17.10, then bouncing back up to about where it was, then it continued working its’ way down, but I did not see how far down. It might have made it back to $17.10.
Four days later on March 20 2017, I saw a graph of silver moving a little lower, maybe 10 or 15 cents, then it dropped straight down, but I did not see the price at the bottom (my guess is $17.10). Then it bounced straight back up to $17.47. Then it turned around and started working its way down, but moving in a choppy pattern up and down.
I believe both graphs showed the same drop and bounce back up. I was not shown the exact starting point for the move lower, but would estimate it was somewhere around $17.60.
Since the timing is unknown, I am watching for the first part of the pattern to be fulfilled with the steep drop down to $17.10. I believe that will be a good entry point to trade the bounce back up to $17.47 and then the return move back down. An even safer option would be waiting for the drop and bounce back up before trading the return move back down. These are not big moves, but with a leveraged ETF like DSLV and USLV, they’re three times bigger than SLV, which is based on spot silver.
As always, these insights provide only partial information, so this is offered only as a starting point for prayerful consideration and is not a recommendation for investing.
Author: James Bailey
James Bailey is a blogger, business owner, husband and father of two grown children. In 1982, he surrendered his life to the Lord Jesus Christ. In 2012, he founded Z3news.com to broadcast the message of salvation by reporting end time news before it happens.
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