Silver Futures Riding Strength of GoldPosted 06/21/2019 9:11AM CT |
July ’19 silver futures spring up following the strength of gold which has been stacking fundamentals favoring bulls for some time before taking off. While there has been a building case to believe in, rising prices for the precious metals required a strong reaction to dovish fed policy to start this most recent jump, as well as Iran shooting down a $123 million-dollar drone to see it follow through.
Looking at the daily chart for silver, the technicals suggest the bear trend has changed and the bull’s control of the momentum is confirmed. If current tensions between the U.S. and Iran continue to escalate, there could be significant gains in silver while it rides gold’s strength. However, pay close attention to the headlines because if things cool off quickly with Iran and the attack on a U.S. drone is smoothed over, there could be a safe-haven sell-off. Technically, Silver is poised for a profit taking
Silver Jul ’19 Daily Chart