It Appears That the Commercials and Recent Their All-Time-Record Silver Shorts May Have a Problem:
The jawboning is FINALLY over: The Fed Has Hiked Interest Rates 25 basis points For the 3rd Time in 15 Months.
In a classic example of buy the rumor, sell the news, the Dollar, Dollar/Yen pair, and 30 year Treasury bonds sold off hard.
With a rate hike fully priced in, Janet Yellen failed to scare the market that any further hikes are on the immediate horizon.
Gold and Silver Jumped On the News With Both Metals Placing Big Bullish Crosses.
Gold prices surged through resistance back over $1200, right through the 100 day moving average at $1211, and continued all the way to $1224.
Silver prices jumped nearly .60 from early Wednesday trading ($16.87 is now a distant memory), with silver also move through its 100 day moving average at $17.22 to a last of $17.50.
The Dollar/Yen pair is breaking down today, fueling the move in gold and silver prices, and the USDX is testing support at 100.
The last 2 Rate Hikes by the Fed triggered multi-month rallies in gold and silver prices.
While its a bit early to call a bottom and we would certainly like to see continuation throughout Thursday’s session, it appears that the Commercials and their all-time-record silver shorts may have a problem.
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