Similarly, the trend in the U.S. dollar is decisively lower, and we believe that will continue to be the case in the bigger picture. But if we narrow the time frame to weeks rather than months, we suspect the dollar bears will soon be put to the test. There is no such thing as easy money in the financial markets, but if there were, it could be said that the "easy" money in the short dollar and long metals trades would have already been made. Things will likely get rocky from here.
Euro Late and a Dollar Short
Nevertheless, the most likely move from here is lower. Silver has lagged behind gold and copper, and I believe it could be trying to tell us something. The weekly chart suggests a significant pivot line that comes in near 24.20; unless we can get a weekly close above this price, the path of least resistance is lower, with $21.00 as a likely bearish target.