Silver Could Record Longest Losing Streak Since January

iNVEZZ.com reported that after trading unsteadily earlier in the week, silver is now slightly up. However, if it finishes “lower tomorrow on a weekly basis,” it will record its longest downward streak since “the three weeks ended January 31.”

As quoted in the market news:

On the New York Mercantile Exchange (NYMEX), September silver futures were 16 cents, or 0.5 percent, up at $20.82 as of 08:47 BST. They have declined 0.8 percent so far this month, after gaining more than 11 percent in June.

December futures ‘are in a three-week-old downtrend on the daily bar chart. The bears have the slight near-term technical advantage. Silver bulls’ next upside price breakout objective is closing prices above solid technical resistance at last week’s high of $21.21 an ounce. The next downside price breakout objective for the bears is closing prices below major support at $20.00. First resistance is seen at Wednesday’s high of $20.81 and then at this week’s high of $20.91. Next support is seen at Wednesday’s low of $20.55 and then at last week’s low of $20.4,’ writes Jim Wyckoff for Kitco News. In the week to July 29, silver ETF holdings were up 0.28 million ounces to 618.90 million.

Click here to read the full iNVEZZ.com report.