SILVER
Added 2024-06-08 18:10:27 +0000 UTCCommodities took a hit on Friday after economic data showed that salaries unexpectedly rose in the US in May, which adds pressure on the Feds rate cut decision....we saw a decline in the market, bonds, commodities and crypto on the strength of this news.
Silver has been our preferred safe haven of choice this year and we were watching to see if $30 would hold after losing this level earlier in the week but managed to regain it almost immediately.
The pull back on Friday still has Silver in a bullish flag set up, testing the bottom trend line which is also at the 0.5 Fib above $29.
I would be happy to see a hold here or even test the 0.618 Fib $28.50....below this level would show weakness in my opinion.
Silver is a position I am holding until the market correction completes and it has not started yet.
