Silver slammed as dollar surges
Silver slammed as dollar surges
Silver
Bad news tonight folks. Silver has broken down below it's medium term up trend. The market is not yet closed and we need to see if we get a bounce later on, but so far it doesn't look good. The best we can hope for now is a false break down and a bounce back tomorrow.
It seems that the unstoppable strength in the dollar continues to put pressure on the metals.
Dollar
Gold is holding fairly steady bringing the G/S ratio back up to 78.2.
Not a great day today but lets see if we get a bounce. If not I would be very concerned about silver in the medium term.
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.
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Let's hope for the bounce tomorrow. Today is almost impossible...
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