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

Phillip Streible

Early in his career Phillip began trading his own account as a screen trader focusing on the metals, grains and stock indices. He then became a Series 7 licensed financial consultant with A.G. Edwards. Later, he expanded his trading experience into a Series 3 licensed commodity broker with Investment Analysis Group. Most recently he was a senior market strategist at MF Global before joining RJO Futures in October 2011 as a senior commodities broker. As a senior commodities broker his goal is to show clients how to anticipate, recognize and react to bull and bear market conditions through the use of technical analysis techniques that help them to define risk.