Hot stocks to watch this afternoon: GPRO, HAS, MU >>> READ MORE

Silver About to Issue a Golden Cross

This bullish signal could mean more strength in iShares Silver Trust


iShares Silver Trust (NYSE:SLV) — This fund is intended to constitute a simple and cost-effective means of owning silver since the trust holds physical silver bullion and reflects the price of silver, less the trust’s expenses and liabilities.

On June 28, at under $25, SLV hit bottom and immediately reversed. On Aug. 20, SLV confirmed a trend change from bear to bull with a breakaway gap through its bearish resistance line (major red dash line from the upper left of the chart).

Our initial trading target at $33 has been accomplished, but SLV is still going strong, gapping higher on Thursday. And it could issue another very bullish signal — the “golden cross,” where the 50-day moving average crosses the 200-day moving average.

Buy SLV for long-term appreciation and as a portfolio hedge.

Trade of the Day – iShares Silver Trust (NYSE:SLV)
Click to Enlarge

Trade of the Day Chart Key

At the time of this writing, Sam Collins owned shares of SLV.

Article printed from InvestorPlace Media,

©2017 InvestorPlace Media, LLC