Front month’s July silver is down about 7 cents to 17.82. From a technical prospective, anyone looking at the daily chart below has to wonder if silver is poised for a big move to the upside. The fundamentals continue to favor bulls and subsequent drive to the upside. From supportive Fed actions that seems to give the bulls reasons to be confident to attempt to push price higher. I still think that we won’t see a sharp rally in silver as one might expect due to what I consider a deflationary backdrop of the economy that is filled with a lot of uncertainty as opens rather slowly in this post 19-covid- global society.
Again, From technical prospective, the daily chart in silver is looking to continue to make new highs. In my view, Silver will see 20.00 dollar before it sees 15.00. In other words, the drive will likely have silver go higher before any major corrective price action.
I have some ideas on how to use options to trade these environment, if you not inclined to buy into 4 weeks high futures prices. Reach out to me to discuses silver in general. Happy trading.