Commodity Daily News

Silver Price Continuing in Bullish Channel

The price of Silver found modest support over the weekend amid the surging strength of the US dollar, the currency in which such assets are valued. Silver has been trading with stronger price action since early August, but traders have been awaiting a price correction from the rampant increase in risk aversion due to rising tensions from the euro zone's periphery and a sudden lift off in dollar values.

As investors seek safety, the value of Silver, which has been seen trading with mixed results since two weeks ago, is expected to rise following its current bullish channel, bouncing off a recent low near $39.60 an ounce after a selloff in commodity futures pulled down on precious metals last week. A sudden rise in dollar values due to this week's uncertain environment is expected to assist the sentiment favoring Silver, however. Should risk sentiment continue to bounce in sporadic directions this week, the price for this precious metal may continue to experience similar swings in value, favoring an upside as Silver holds within its bullish pattern.