A Silver Rally is ComingPosted 06/08/2018 9:58AM CT |
Silver and the PMG are set to have a big week with the FOMC meeting on Tuesday and Wednesday with a rate hike expected. The last two rate hikes have seen selling come into the announcement followed by a sharp rally in days after. Also, on June 12 is the historical summit between Kim Jung Un and President Trump. I would expect to see silver futures start to track higher given its strong correlation to copper, which is nearing a four year high. The key level of resistance in silver is the 200-day moving average at 16.92/oz. On a closing basis if we see a multiple day close above this level we should be able to see an attack to $17.50/oz as indicated on the July daily chart below.
Silver Jul ’18 Daily Chart