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Silver prices today are up slightly, which is good news for the metal which has been stuck on a virtual treadmill for the past week and a half.
The price of silver today is up 0.26% to $17.53 per ounce.
Two weeks ago, both silver and gold had strong sell-offs, and they've been trending sideways since. Silver continues to move sideways in search of a catalyst for either higher or lower levels.
In fact, silver likely needs more time to work off the strong bullish sentiment that was built up in the first half of this year. And that could take a while…
You see, bullish sentiment is stretched on the fund management side as well as with retail investors. Typically, these both work as contrarian signals for the near-term direction of silver prices.
Technical signals are also pointing to more consolidation and perhaps even weaker prices before the bull rally resumes.
With that in mind, here's how silver prices are trending. Plus, here's what's next for silver prices today…
How Silver Prices Today Are Trending
Silver prices began trading last week on a strong note. The price of silver closed the previous Friday at $17.53, but opened last Monday at $17.71. That rally was short-lived and silver closed the day at $17.61.
Early morning trading on Tuesday saw a quick spike to $17.77 at 3 a.m. Then selling overwhelmed buying and the silver quickly dropped to $17.49. From there, it moved lower on balance to close out the day at $17.43.
Wednesday provided little reaction from silver to the Fed's September meeting minutes. The price of silver started out at $17.42 and traded mostly sideways to close at $17.45.
By Thursday's open, silver had returned to $17.53. It sold off again throughout the day and closed at $17.46.
Shortly after Friday's open, silver dropped (gold did, too, around the same time) momentarily to $17.30, then rebounded to $17.55. But that was also short lived. As it fought a strengthening dollar, silver travelled mainly sideways through the day to the $17.40 mark.
All of this took place with a strengthening (read challenging) U.S. dollar. The U.S. Dollar Index made a seven-month high, reaching 98. Despite a small retreat on Thursday, it regained 98 again on Friday afternoon.
With silver prices today rebounding slightly, investors are wondering if another rally is in store.
What's Next for Silver Prices 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.