Investors Dump Silver
Chart 1: In this mornings Asian trade, Silver price fell to mid $14 handle
Source: Short Side of Long
Just a quick Precious Metals update, in particular focusing towards Silver. In this mornings Asian trade, we saw short term selling continue from Friday. As I write this entry, Gold fell to as low as $1,140 while Silver traded at $14.40 per ounce. While these are just random numbers to most, there are few observations one can make from technical perspective.
Firstly, in Chart 1 we can see that Silver has approached a major support zone. It will be interesting to see whether buyers jump in here and support the price, especially since the metal is trading 25% below its 200 day moving average.
Secondly, supporting this case, we have an interesting development (refer to Chart 2). The ratio between the two metals jumped to almost 80 this morning, touching a long term support line for Silver. In relative terms, Silver is now in similar oversold condition to mid 1980s bottom, early 1990s bottom, early 2000s bottom and the 2008 panic.
Chart 2: The ratio between two metals is currently at a major resistance!
Source: Short Side of Long
The post Investors Dump Silver appeared first on The Daily Gold.
Source: http://thedailygold.com/investors-dump-silver/
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