Featured in both metals today is the weak-handed bulls exiting their long futures positions before Wednesday afternoon’s results of the FOMC meeting that began Tuesday morning.
The metals may have also been pressured somewhat by the May producer price index that came in hotter than expected, at up 0.8% from April and up 6.6%, year-on-year.
monetary policy, focus will be on the Fed’s tenor on inflation prospects and when the central bank will start to taper its very easy money policies.
However, they are fading as a nine-week-old price uptrend on the daily bar chart has been negated.
Silver bulls’ next upside price objective is closing prices above solid technical resistance at the May high of $28.90 an ounce.
Copper bulls’ next upside price objective is pushing and closing prices above solid technical resistance at 470.70 cents.