FxWirePro: Maintain short positions in Silver targeting $14 per troy ounce

Earlier this month, we warned that silver price is likely to move lower, and as expected silver is steadily showing signs of weakness.

• The ongoing strength of the U.S. economy and strong USD are largely behind silver’s recent selloff.
• Moreover, lackluster demand from the investment sector has been another headache for the precious metal sector.
• The Commitment of Traders (CoT) also suggests bearish bias in silver. The long positions in silver declined more than 11,000 contracts in the week ending April 16th, which pushed the net long positions to just +5.9K contracts, the lowest level since November.

Trade idea:

• Calculations strongly suggest that the price of silver has further to decline. We expect silver to reach the following targets; $14.6, $14.48, and $14.3, and $14 as we move through the year.