May silver is trading $17.91 down about 10 cents on the day. My previous article discussed the potential for a pullbackto a sideways type of price action from the move above 18.50 range. It appears trading is moving to a support zone, possibly low $17.50 area. As I've mentioned in the past, the near-term upside target seems fulfilled provided we continue to hold below $18.50 range. It's worth noting, this range type of price action can provide option trading opportunities.
On the news, from the geopolitical standpoint, Syria is fading into the background as North Korea comes back into the picture once again. Current US administrationcontinue to have a harder stance in regards to DPRK.I believe the real audience is China. U.S wants China to get aggressive on curbing Pyongyang'snuclearambition. China most likelydrives peaceful resolution to avoid a potential conflict near its borders. For now, at least, geopolitical concerns are not driving silver price.
Again, for now at least, silver is taking a bit of a breather. There is nothing right here right now that calls for being super bearish of silver. Further weakness will probably find bargain hunters.
The technical picture has May silver futures looking sideways to lower price action near term. Low to mid $17.00 range probably will provide some opportunities. Of course, a close above 18.50 will ignite momentum price action.