- Gold/Silver ratio tests key support for the first time in over three years.
- Despite the recent rally, silver remains well below the record high reached in 2011.
- Gold is just 3% away from setting a new lifetime high.
Gold/Silver ratio has been sold off aggressively this week with silver outperforming gold by a big margin.
Ratio tests 200-week SMA
The ratio fell below the 200-week simple moving average (SMA) of 82.57 on Wednesday to print a low of 80.71. The 200-week SMA has come into play for the first time since April 2017, according to data source TradingView.
The ratio is currently seen at 82.75 points, representing an 11.5% drop on a week-to-date basis and a 34.6% decline from the high of 124.56 reached in March. As such, one may feel that Silver is not overbought or overvalued.
However, despite having rallied by 26% this year, the semi-precious metal is trading way below the record high of $49.83 observed in 2011.
On the other hand, gold is currently trading at nine-year highs above $1,865 and is just 3% short of setting a new record high above the September 2011 high of $1,920.
Put simply, silver has plenty of room to rally.
|Today last price||82.75|
|Today Daily Change||1.47|
|Today Daily Change %||1.81|
|Today daily open||81.35|
|Previous Daily High||86.56|
|Previous Daily Low||80.77|
|Previous Weekly High||96.09|
|Previous Weekly Low||93.02|
|Previous Monthly High||101.74|
|Previous Monthly Low||94.8|
|Daily Fibonacci 38.2%||82.98|
|Daily Fibonacci 61.8%||84.35|
|Daily Pivot Point S1||79.23|
|Daily Pivot Point S2||77.1|
|Daily Pivot Point S3||73.44|
|Daily Pivot Point R1||85.01|
|Daily Pivot Point R2||88.68|
|Daily Pivot Point R3||90.8|
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.