Silver Back Testing Trendline

Silver is having a nice rally into the end of the week as the dollar has come off the highs we saw out above 114 from earlier in the week, which was a headwind for the precious metals. Silver is now looking to back test the trendline from the July lows, which is also directly in line with the 50-day moving average. As we roll into next week, if we can see continued weakness from the dollar off the highs, we may see Silver break through the 50-day moving average and look to test strong technical resistance going back from the May highs.