The silver price today is down about $0.53 to $13.85. That's nearing a 12% slip for 2015.
The silver price showed renewed strength last week after coming off a volatile week when the U.S. Federal Reserve raised rates. Silver's price swung nearly 4% or more in a single day… three separate times.
After that week ended on a high note with silver closing at $14.08, the metal continued higher as the holidays approached.
Here's a closer look at where silver has been trading and what that tells us about what's next…
What's Moving the Silver Price Today
The silver price last week started trading in New York around $14.10. By Tuesday's close, it was up a little to $14.25.
Here's a 30-day silver price chart ending Dec. 24:
And here's what the U.S. Dollar Index did during the week leading into the Christmas holiday:
The strength in the DXY helps explain silver's action earlier in the week, but interestingly by Wednesday, when it staged a bit of a rally to around 98.60, silver still managed to maintain strength around the $14.30 level.
What's most interesting to note in the DXY is the continued weakness since peaking just over the 100 level a few weeks back.
Since then, and despite the much anticipated Fed rate hike, the DXY has been gradually drifting lower.
On Thursday, Dec. 24, the last trading day of the week, silver drifted slightly higher on low volume through the day to start at $14.30 and close at $14.38.
That same day we got market news that could be bullish for the silver price in 2016…
About the Author
Peter Krauth is the Resource Specialist for Money Map Press and has contributed some of the most popular and highly regarded investing articles on Money Morning. Peter is headquartered in resource-rich Canada, but he travels around the world to dig up the very best profit opportunity, whether it's in gold, silver, oil, coal, or even potash.