COT data show that the commercial traders have closed a significant fraction of their net short position. The commercial traders short/long ratio is 1.74. I would prefer it to be closer to 1.5 but it may be there when Fridays report comes out. The large speculators have mostly capitulated. I went long one silver future this AM and will open a half position in SIL in my 401k.
@Bearbrick,
$15.65 looked like the recent minimum. $15.66 would have been an acceptable entry point at a double bottom. Stop loss below that. It's OK to watch this and go long if you like the price action. Note the Fed will likely increase the interest rate by 0.25% tomorrow (maybe 1PM EST?). The will likely be a brief drop in Gold and Silver then. You could watch that and buy that dip. Now at $15.73, the future I went long on is - $200.00 below my purchase price. This is OK. The long term charts going back years show support in this area. This is a trade for a price reversal so you can pick the stop loss you are comfortable with. This can be watched for days before entering a trade. I make some morning trades like this before going to work (where I can't watch or make trades except maybe on a break). Thanks for looking at this. Good luck.