Silver Oversold on Pullback

Silver has been among the most volatile markets in the past month. iShares Silver Trust (NYSE: SLV) began February overbought and gained as much as 15% before pulling back slightly in the past two days. SLV was oversold at the close yesterday with a ConnorsRSI reading of 17.65. The volatility of SLV can be seen in the chart below which shows the ETF moved from overbought to oversold in only two days. SLV remains above its 200-day moving average (MA) indicating the long-term trend is still up.