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Silver: Technical breakout or fakeout?

From kitco.com Watch this video at https://www.metalsmine.com/news/1349630-silver-technical-breakout-or-fakeout.

Gold prices fell significantly on Friday morning after a surprisingly strong jobs report for June prompted traders to reassess the likelihood of an interest rate cut by the Federal Reserve in the near term. The drop in the unemployment rate has effectively ruled out a rate cut this month, leading the gold market to fall to our second tactical support level of the day at $3,322 per ounce before bouncing as outlined in the "Metals Edge" daily research report. This decline in gold also pulled silver prices momentarily back into a "Bull Flag" pattern before regaining upward momentum towards the top of the range. Notably, silver's rise is accelerating compared to gold, as the gold-to-silver ratio has decreased to 89:1.

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  • Category: Technical Analysis