Silver has traded higher this week but started the day lower off highs at 16.740. The silver market remains in a sideways pattern between support at 16.250 and resistance at 16.750; driven higher mainly as a result of the US pulling back from the North Korean Nuclear Summit and potential US rate hike fears coming in June. The dollar’s strength despite soft US data should be cautionary for silver bulls. A close above the 60-day moving average reverses the short-term trend to the upside and closing well off the day’s lows on Monday and Wednesday supports a move higher. Momentum studies trending higher will add to a move to the upside on a close above resistance at 16.750. The next target should the trend continue higher is at 16.965. Should the market fail to break resistance, support comes in at 16.540 and a close below 16.350 should reverse the trend to the downside.
Silver Jul ’18 Daily Chart