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