SLV sold off sharply today due to rising real bond yields, but it may get a bounce late in the day. SLV has strong support from the 50-day SMA at $23.02. I purchased it there and hope to ride it up for a sale at $23.90, perhaps as early as the end of the day. If the 50-day SMA fails, there's a volume node at $23.53 that might offer some support, and from there it's a long way down to the next major support at $20.65 near the 200-day SMA.
Comment:
I went ahead and took early profit on this. The rally in silver is looking weak, like it might not even get above the 100-day SMA at 23.37 today. And the rally in the USD, which trades inversely to silver, is looking strong, with more upside ahead to the top of its falling wedge. If the dollar breaks out of this wedge to the upside, look for Silver to fall *at least* as far as the 20.65 support.
