Silver bounces, Gold holds - ratio falls
Silver bounces, Gold holds - ratio falls
Silver
Today we got a nice bounce in silver directly off the up trend line that I've been charting for some months now. So while there isn't much news to report it does show that the consolidation continues and the trend is still intact despite the falls over the last week. Perhaps next week we will see a further test of the down trend line which would suggest a big rally in the coming days.
Gold
Gold looking a bit weaker than silver but still within the up trend line consolidation. Nothing much else to say except on the ratio.
G/S ratio
The weakness in gold and strength in silver has continued to put pressure on the ratio and we are now at 77. This is starting to look exciting as it could signify another major rally in the metals. You can see from silver that the consolidation has to end soon and with the ratio turning down it provides more evidence for a break out rather than a break down.
Dollar
The dollar has been a bit more difficult to predict and seems to have defied reality with it's recent rally, but today and yesterday it seems to have again turned down. We could therefore be looking at a difficult week next week in the dollar which is again positive for the metals.
For disclosure, I'm not a professional advisor and this is not investment advice, merely my own observations of the market and indexes, so do your own research.
I like the silver chart appearance. Let's see next week.
It should bounce, the question is how far.
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