The price of silver managed to hold onto recent gains this week, despite renewed dollar strength.
Volatility has been soaring as the market's been thrashing around, with the S&P 500 down another 5% in the last five trading days.
Now, here are the factors that will drive silver in the last two weeks of 2018...
There's no question the price of silver has made some bullish moves this week.
The silver price has climbed by 3% over that time, aided by a weak U.S. dollar and markets, both of which have also been suffering from growing volatility.
Here's my next price target for the precious metal...
After a week that saw the price of silver struggle to notch any gains, its most recent trading day made up for its latest challenge.
The Buenos Aires G-20 meetings provided for the spark that silver prices needed to rally.
After a rough week for stocks and the Thanksgiving holiday, the price of silver remains one of the best deals around.
Of course, additional discounts may still lie ahead, but silver's inherent value at current prices are difficult to beat - no Cyber Monday promos required.
And the gold to silver ratio has once again popped higher in gold's favor, making silver an even bigger relative bargain.
My recent position on silver was that it had become massively oversold.
That was a week ago, when the price of silver dropped from $14.65 to $13.97.
But the indicator I'm following is showing signs of a coming silver price breakout...
The price of silver has been beaten down so badly lately, it's become massively oversold.
In response to a blistering dollar rally, silver has sold off to levels last seen in late 2015, when silver prices put in a major multiyear low.
That's been tough for silver bulls, who watched silver gain 5.4% in October after its September bottom.
Here's where I see the precious metal heading from here...
The price of silver struggled in the early part of last week as the dollar gained and stocks retreated.
Silver prices gave back about 2.6% in just two days. That would be a short-term blip, with silver quickly regaining all those losses in the next two days.
October was brutal to stocks, with major indexes losing anywhere from 11% to almost 15%. By contrast, the silver price was down just 2.4%, while silver stocks gave back about 5%.
There's little doubt from the action in both the dollar and precious metals that U.S. midterm elections have some sway on investors, which have sought shelter with these safe havens in the face of political uncertainty.
The price of silver had a strong start to last week just like its golden cousin.
I was very impressed to see silver prices shoot all the way up to $14.80 on Tuesday, Oct. 23.
That was a blistering gain of nearly 2% from the previous day's close, and silver's highest level since late August.
Here's exactly how the precious metal is trending, and where I see it heading in November...
While gold continues to struggle to find a catalyst, the price of silver made a notable move this week.
Although it was admittedly short-lived intraday action, silver prices shot up from $14.50 to touch $14.90 last Tuesday, a four-week high and a huge safe-haven bid as concerns about the euro permeated trading.
While the silver price quickly settled, it has exhibited considerable technical strength since its mid-September low near $14.
While gold continues to struggle to find a catalyst, the price of silver made a notable move this week.
Silver prices are up almost 2% in the past week and nearly 3% in the last two weeks.
This could just be the start for the rally in silver prices this year...
Silver price action this week, though muted, has shown some slight bullishness.
With gold essentially flat, the price of silver has managed to gain nearly 1.5% as it rises from price and sentiment lows.
Now, silver is likely to wait and follow gold's lead as we move into the next FOMC meeting this week.
My take is the dollar could see a bounce from the expected rate hike, then sell off in the following days.
Yet another lackluster week for the price of silver has left the metal trading in a range near $14.15 per ounce. Volatility is low, and that has kept sentiment in the toilet. It's little wonder.
Whether up or down, traders have few opportunities to make money trading an asset that moves so little. But volatility won't stay low forever. This past year silver volatility was nowhere to be found until June, when silver prices sold off and the action was nearly all downward.
Just when it looked like the price of silver was about to turn around, the metal has given up all its recent gains.
On the back of some renewed strength in the dollar, silver has caved and dropped back under even its previous low in mid-August.
The price of silver today (Wednesday) is trading near $14.26.
Now, here's what I see for the price of silver this week...
After an initial bounce from its recent lows, the price of silver has been performing well this week.
Although silver prices did initially plateau then retreat again last week, the metal formed a higher low, which bodes well for near-term action.
Last week, I told you that silver's bounce had been timid but conditions were ripe for a strong rally.
After becoming significantly oversold late last week, the price of silver has managed to show some strength.
So far that bounce has been somewhat timid. But conditions are ripe for a strong rally.
