Silver Under Pressure

June 9, 2017 9:20AM CDT

Silver futures could be throwing up a red flag and look vulnerable to more liquidation today. The surprise failure of the U.K. to get a government overnight has put a significant bid under the dollar and caused the Pound and Euro to see a sharp correction. Look out for the FED announcement on Wednesday, June 14 where it is widely expected that the fed will raise rates. I would expect the market to remain on its heels coming into the announcement and then have a sell the rumor buy the fact type of trading affair. This type of chart pattern silver has been in is more of a classical double top and double bottom formation with many 50% retracements. I have identified several on the chart below, and for further insight please download our technical analysis guide. 

 

Jun '17 Silver Daily Chart

Jun '17 Silver Daily Chart

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