Chart of the day: Silver
|Following the FOMC decision, despite the rally in the US Dollar as the FOMC raised rates 75bps, gold and silver ironically went higher too. Silver could be on the cusp of a relief rally near term, especially if today’s highs at 19.90 and broken and we get a daily close ABOVE 20.00. A descending trend line from early May is capping the rally. Also, the precious metal may be developing a bull flag pattern. To confirm this move, I would be watching the RSI (lower panel) to see if it points higher with price. Expected target on a breakout would be 21.35 which are also some previous key support levels.
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