Silver has given up all of their gains this month, falling over -11% from their high last week. Volatility is likely to remain ahead amid the flurry of US economic data this week, particularly the September US inflation report on Thursday.
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.
Momentum has turned bearish in quick order. Silver prices are below their daily 5-, 8-, 13-, and 21-EMA envelope, which is not yet in bearish sequential order. Daily MACD has issued a bearish crossover and is nearing its signal line, while daily Slow Stochastics have dropped below their median line. Ultimately, 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.
We typically take a contrarian view to crowd sentiment, and the fact traders are net-long suggests Silver prices may continue to fall. Traders are further net-long than yesterday and last week, and the combination of current sentiment and recent changes gives us a stronger Silver-bearish contrarian trading bias.
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