Silver dropped to $59.50 overnight before buyers steamed in to drive up prices to $61 per ounce in early trade this morning. But just as it appeared silver was finding its feet, President Trump pulled the rug from under them at the NATO summit in Turkey. Following escalating hostilities between the US and Iran, with the latter attacking US military assets in Kuwait and Bahrain, Mr Trump declared that, as far as he was concerned, the ceasefire was over.
This triggered a jump in the US dollar and a sharp retreat across precious metals. Silver found some support just above $58. But as things stand, there hasn’t been much of a rebound. Despite this, the daily MACD has made some upside progress, having curled up from very oversold levels. That is giving the bulls some comfort, at least.
Source: TN Trader
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