The Uptrend Continues in Silver | RJO FuturesPosted 02/17/2017 8:34AM CT |
Silver futures continue to show relentless strength to the upside pushing through $18.00 and the next technical stop should be in the $20 range where it traded most of last year. The most impressive aspect of the rally has been the almost baked in 2-3 rates hikes we expect from the fed this year, which should be causing setbacks. In turn, outside cues from Brexit, inflation data upticks, and uncertainty with the legs of the stock rally have been keeping a steady bid under the market. Two sided action in the dollar has also provided support.
Technically, keep an eye on the upward channels support at $17.75 and $17.50. ADX which measures the strength of the trend is at 35.43 and climbing and that should indicate this uptrend is healthy and strong. Stochastics are in overbought territory but with rising ADX this gives the bullish nod.