Silver Waiting for Direction from Draghi and YellenPosted 08/25/2017 9:05AM CT |
September silver is trading $16.98 UP about 1 cent on the day. Metals are strong across the board. The annual Fed meeting in Jackson Hole, Wyoming is underway. As I write, Draghi and Yellen are anticipated to make speeches. In my view, these speeches are market movers. Markets have been anticipating the Fed’s long term outlook on the US economy rather than what the next rate hike would be.
Geopolitical risk around North Korea seems to be subsiding this week, but the Trump Administration is considering more sanctions on Russia and China over inaction on DPRK. There is plenty of uncertainty that seems to be helping silver, even in light of US dollar strength.
From a technical prospective, silver is poised for a breakout. Silver charts are showing more and more consolidation in terms of price action. As I have stated in previous FuturesCasts, if silver works itself through the $17.00 price action, it would more likely attract momentum buying.
Sep ’17 Silver Daily Chart