Silver Consolidates... again.

I've not made any trades today since the silver market is trading without a proper direction. To minimize errors, I've placed a possible break trade of yesterday's high at 14.4000. Until now the New York session seems dull and no one seems to be getting in action. It's probably another 'wait and observe' market. As all of you who might know by now, yesterday's spike in the commodities pricing is supported by the higher than expected CPI numbers from the U.S. triggering alarms of possibility of higher inflation that might cause the U.S. Federal Reserve to raise benchmark interest rates to 5.5%. As normally when inflation is around, gold is often supported as it's the main product to hedge in case of high inflation. Silver gets to gain as well. Overall, yesterday's gain fell in place where everyone decides it's recouping day and oil rises, and so does CPI. I'd personally the gain yesterday was a little too much and over reaction from the market even with the fact that considering the current oil prices will make the next month's CPI release will be higher than market expectations. I still place my bets that chances for the U.S. Federal Reserve to continue raising interest rates to curb inflation this year is a NO GO.

Anyway, back to silver, I'm expecting another possible correction before silver makes it any higher. I'm expecting it to return to 13.8000 before making another hike, passing 14.4000 this time as 14.4000 was the high of previous year's hike before reaching 14.6000 and then 15.3000. Many have predicted that silver will make a significant advance in pricing this year as it is possible reaching 19.20 the historical high. I'm just waiting for the day the arrive :)

Happy Trading and Best of Luck!