See on the daily bar chart for September silver futures (SIU25) that prices are trending up and are not far below this week’s 13-year high. See, too, at the bottom of the chart that the moving average convergence divergence (MACD) indicator is also in a bullish mode as the red MACD line is above the blue trigger line and both lines have been trending up. Bulls have the solid near-term technical advantage.
Fundamentally, geopolitical tensions are driving the show following Israeli attacks on Iran that Israel says will be ongoing. This has already pushed the gold (GCQ25) market solidly higher late this week and I’m somewhat surprised silver has not followed. However, my bias is that silver will see significant price appreciation in the near term on fresh safe-haven demand.
