IShares Silver Trust (SLV) : Buy @ $3048

Trading Central
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From a technical view, the ETF is bouncing off its 50% Fibonacci retracement set at 29.75.

Regarding technical indicators, the daily RSI is reversing up from a strong support area while the daily MACD is facing a support level. The 50D moving average (blue line) is still rising and maintains upward momentum.

On a relative basis against the IVV S&P500, the iShares Silver Trust is facing its 50% Fibonacci retracement and looks set for a rebound.

Trading strategy:

Buy @ $30.48 – Stop loss @ $29.50 – Target @ $34.15

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