Silver prices are on the cusp of returning below the downtrend from the Apr and Aug highs. Even though the US Dollar (via the DXY Index) has pulled back in recent days, elevated US yields (both nominal and real) are standing in the way of silver prices.
and silver are precious metals that typically enjoy a safe haven appeal during times of uncertainty in financial markets. While other asset classes don’t like increased volatility , precious metals tend to benefit from periods of higher volatility as uncertainty increases silver’s safe haven appeal. Market volatility has been easing, leaving silver prices adrift.US stock market volatility was trading at 33.62 at the time this report was written.
, “a return beneath the downtrend from the April and August swing highs would suggest that the bullish breakout has truly failed, and a return to the yearly low at 17.5590 could be on deck.”Nothing has changed in recent days, insofar as “there is a delineation between a longer-term bullish or bearish perspective 21.4500/21.
We typically take a contrarian view to crowd sentiment, and the fact traders are net-long suggests Silver prices may continue to fall. Positioning is less net-long than yesterday but more net-long from last week. The combination of current sentiment and recent changes gives us a further mixed Silver trading bias.
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