As we cited yesterday, a “weak dollar” trend is taking shape in the currency markets. This has been accompanied by strength in commodities like copper, gold and silver.
The iShares Silver Trust (SLV) could be the most interesting today because its 50-day simple moving average (SMA) just rose above its 200-day SMA, resulting in a “Golden Cross” for the Silver ETF.
SLV has also squeezed into a tight range for the last 1-1/2 months as copper and gold have run. This creates the potential for a breakout.
Price action has taken the shape of an ascending triangle in the last three weeks. There’s been a series of higher lows and resistance is around $17.
Interestingly, SLV had a similar pattern in April and May before moving above $15.
The iShares Silver Trust (SLV) could be the most interesting today because its 50-day simple moving average (SMA) just rose above its 200-day SMA, resulting in a “Golden Cross” for the Silver ETF.
SLV has also squeezed into a tight range for the last 1-1/2 months as copper and gold have run. This creates the potential for a breakout.
Price action has taken the shape of an ascending triangle in the last three weeks. There’s been a series of higher lows and resistance is around $17.
Interestingly, SLV had a similar pattern in April and May before moving above $15.
