RJO FuturesCast

Daily Futures Market News, Commentary, & Insight

Metals

Silver Squeezing Out of Long Consolidation

Posted 06/07/2019 9:38AM CT | Eli Tesfaye

July ’19 silver futures is coming out of a long consolidation as markets pause and reflect the current risk atmosphere. With the US deep into a trade war with China, initiating trade tension with Mexico, and threatening to do so with India as well, there is a lot the bulls can chew on. “Risk” type of trade was only benefiting the dollar, but now it looks like the metals are gaining momentum. The chart damage to the US dollar index will give strength to commodities in general, especially metals. The break above 15.00 psychological level will leave the chart supported. The path to least resistance is up.

Silver Jul ’19 Daily Chart

Silver Jul '19 Daily 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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