Aug. 5 at 6:37 PM
Silver is showing some signs of potential breakout after 5 weeks of sideways consolidation.
■ RSI steadily rose to 56
■ MACD is slightly starting stretch the bullish crossover
■ Pushing up the upper Bollinger Band limit
■ Over 20 MA, and now tinkering to break 50 MA
The renewed Iran peace deal faded USD and 10Y yield on falling oil price made this possible, so silver needs that peace deal to break through low 60s resistance (near 63-ish) area.
If the deal fails and major attacks resume, I expect USD, 10Y yield, and oil will rise, and silver goes back to 56-58 area.
If we get a lasting deal (not days but weeks long), I like the chance of silver getting to low to mid 70s.
$SI_F $SLV $AGG $GLD $NUGT