Silver Futures Drop, Give Fresh Sell Signal

Trading commodity futures and options involves substantial risk of loss and is not suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge and financial resources.

Silver futures prices dropped today (3/22) along with gold

This move lower generates a sell signal for May silver futures on the daily chart.  This is the second sell signal for silver since the trend changed to the downside in the beginning of March.  After making a new recent high February 28^th, the next trading session silver issued a King's Cross counter-trend sell signal on the daily chart and silver prices proceeded to plummet through multiple support levels and is now sitting below major resistance areas.  So far this week silver is working on a King's Cross counter-trend sell signal on the weekly chart.  The next support level for silver is around the 30 level.

Gold futures (April) issued a sell signal on the daily chart two days ago and a King's Cross counter-trend sell signal on the weekly chart last week.  Oftentimes silver prices receive selling pressure as gold prices fall.

Silver, unlike gold, is also an industrial metal and slower than expected manufacturing activity in China and Europe may curb demand.

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