Metals closed up on Wednesday, supported by a weaker U.S. dollar and worries about inflation. COMEX July gold futures rose above $940 an ounce and closed up $10.70 at $937.40, while July silver ended up 15.50 cents at $14.28 an ounce. Lind Plus Senior Market Strategist Phil Streible says the charts show more bullish potential for silver.
“From a technical standpoint, there is a nice cup-and-handle set up in silver, and I think prices should start shooting upward. You might want to consider call spreads in December,” he said. (Right click,“view image” to enlarge chart below)
Futures trading involves substantial risk of loss and is not suitable for all investors.