Silver is now at a key juncture and needs to stay above 17.50...

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    Silver is now at a key juncture and needs to stay above 17.50 while Gold's 1700 is the big test. Precious metals being tested as US equities futures still pushing the envelope with the S&P500 now closing in on 3150 , getting real close to the end.

    The worry I have about precious metals at the moment is its inability to capitalise on US dollar weakness in the past week as shown in the chart below. The dollar is pricing in weakness in the domestic economy due to the riots or rather protests but the equity market isn't concern one bit and gold is being sold down sharply everytime it rides the escalator up it comes down with the lift ( wonder if it has something to do with the gold futures i.e traders not wanting to take stock). I have been observing it every night, it is uncharacteristic but we will see what happens with tonight's unemployment numbers. Probably another no show but may give some fillip to the relic waning short term momentum if it is worse than expected.









    Silver in US-Dollar, daily chart as of June 5th, 2020.
 
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