Chart of the Day - Tuesday, July 7th, 2020

Today’s Chart of the Day was shared on Twitter by Tom Bruni (@BruniCharting). It's a daily candlestick chart of Silver Futures over the past year. Gold has stolen the spotlight in recent weeks, but perhaps Silver is the metal we should be watching in the near-term. Tom points out that Silver Futures are currently testing a crucial resistance level around $19 per ounce. Price has tested and failed at this level four times in the past year. Will the fifth time be the charm? In a comment to The Chart Report, Tom explained, "In addition to acting as short-term resistance, $19 has served as support/resistance since 2013, so a move above it would confirm the same type of structural breakout we saw in Gold last summer." As we know, Silver is perceived as risker and more aggressive than Gold. Gold Bugs want to see Silver join the party by breaking above $19 in the near-term, as this would demonstrate risk appetite for Precious Metals as a whole.