/SI (silver futures) is down another 3% on an impulsive break below the 17.736 support & uptrend line with small potential (unconfirmed) divergences forming. This breakdown opens the door to the next target of 17.58.
SI 60m June 5th
The 8% drop off the recent highs in silver has, at least so far, been without the help of the US Dollar as the downtrend in /DX (US Dollar Index futures) remains solidly intact for now. With the bullish divergences still in place on the 60-minute chart of /DX, I’m still watching for a potential buy signal on the $USD via a breakdown above the downtrend line which makes up the top of a descending price channel.
DX 60m June 5th
Likewise, /E7 Euro is still on watch for a sell signal pending a break below the primary & secondary trendlines.
E7 60m June 5th