Silver (SLV) Back under Fire

June 28, 2012 11:20 AM EDT
iShares Silver Trust ETF (NYSE: SLV) is trading sharply lower in early trading on Thursday, as spot silver looks to test lows at $26 in short order. The spot price of silver is currently 26.41 and markets are growing increasingly negative. SPDR Gold Trust ETF (NYSE: GLD) is also trending south, as traders swap out of risk assets in favor of cash. The value of the dollar index (NYSE: UUP) is soaring again today, taking out resistance at 82.60. Other commodities such as crude oil are all lower.

For silver, $26 is seen as a key level by technical traders, as strong buying support has stepped in at this price. It remains to be seen how much longer this level will hold, but a break below is seen as a very negative sign for SLV and could create a wave of further selling, as longs bailout.

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