August 5, 2019 -- Precious metals markets enter this week’s trading with volatility on the rise – and a strong rally to the upside. Last week’s Fed rate cut, followed by an announcement of new U.S. tariffs on China, first drove sharp downside moves in stocks and most hard assets.

Gold, however, benefited from the fear trade.

Prices advanced to new multi-year highs this morning.

The white metals first sold off, with palladium taking the biggest pounding. But silver found strong support around the $16.00/oz level late last week and then pushed back over $16.50 this morning.

Having recently broken out of a massive wedge pattern, silver’s technical setup looks quite powerful. As long as last-ditch support around the $15.60 breakout point holds, the chart remains bullish.



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