After breaching it's 200 MA in early April, Silver Futures have gone from 18.10 to 18.24. Looking at the weekly charts for SI1!, you can see a head and shoulders pattern in the chart. Now, a key resistance line for this price is around 18.35 - 18.40. If it can break this, it gives even more weight to the probability of a longer term bullish trend.
In terms of global macro, with rising interest rates, and the spread between risky and non risky assets shrinking, silver could see a volume pick up as an alternative investment, being that it led as the top investment for Q1 2017.
Finally, look at the crossover of the 200 day MA with the 50 on the weekly chart. If the 200 MA crosses over the 50 MA in a bullish manner, it presents even more weight to my bullish thesis.
All the best,
RC
In terms of global macro, with rising interest rates, and the spread between risky and non risky assets shrinking, silver could see a volume pick up as an alternative investment, being that it led as the top investment for Q1 2017.
Finally, look at the crossover of the 200 day MA with the 50 on the weekly chart. If the 200 MA crosses over the 50 MA in a bullish manner, it presents even more weight to my bullish thesis.
All the best,
RC