Silver is under pressure this week from a strong dollar. The Fed’s hawkish stand from this week’s FOMC meeting got metals on the defensive. Currently, silver is at $26.11, up 25 cents. Is that a dead cat bounce? But the chart damage is evident, as seen below on a weekly continuation chart. The bulls will continue to fight to the upside until the Fed actually raises rates. For now, I expect to see sideways to lower price action until the dollar finishes the upside correction. Again, these sideways markets do provide trading opportunities using options. Please reach out to me.

Silver Weekly Chart
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Eli Tesfaye

Senior Market Strategist
Eli started his career in the futures and options market while he was in graduate school finishing up his MBA in 2003. Eli specializes in Automatic trading strategies and systematic options trading strategies in futures market. He has been Series 3 license holder since 2005. Eli's is an avid reader, runner, and yoga practitioner.
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