Silver is at a very major crossroads. About a month ago I noted that Silver and Gold were moving down to test support. The June FOMC meeting did give hope that SLV & GLD would start moving upwards, but it quickly came apparent that the June meeting would be a wash and no real developments, like a rate hike, would happen until September.
A very probable path for Silver would be a lack of news, support breaking and it heading to $12 and then $9. The saving grace is that price action has finally popped over resistance for the first time in years. It is now a much stronger possibility that Silver will have a choppy sideways (ish) summer before a Fed rate hike rally.
Momentum indicators are not flashing a buy signal so I am not in a trade right now. I am waiting for one of the above scenario’s to play out and then will play the trend.
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