JamesHelliwell
Long

Silver breakout: The reflation trade of 2016 continues

FX:XAGUSD   Silver/U.S. Dollar
262 0 5
Related to the reflation theme described in my view "Crude Oil: The Most Important Chart in the World".

Silver             is has been consolidating whilst showing relative strength versus gold             . Having broken above a downward sloping trendline from the $21.11 high set 4th July, speculators appear to be positioning for further dovishness from the Fed later today.

Assuming a surprise rate hike is not announced today, expect Silver             to take out the $21.11 high in the coming days, heading towards 22.52 - 22.88 and further if the reflation theme continues (refer to my related trade idea: "Crude Oil: The Most Important Chart in the World".
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