Silver prices robust as Gold/Silver ratio remains capped by 200-DMA

  • Gold and Silver ratio struggles while Silver remains relatively robust, albeit below the 21-DMA,
  • Bears will continue to target the 61.8% down at 16.10 ahead of a run to the 200-day moving average down in the $15.90s.

Silver prices have been edging lower at the start of the week, falling some 0.80% from a high of $17.6210 to a low of $17.392 as precious metals give up the bid, with the value of the yellow metal also falling from a high of $1509 to a low of $1488.10, down over 1% on the day. 

The Gold and Silver ratio, AUG/USD, is down 0.13% as gold tales the brunt of the sell-off, currently trading at 85.586 having travelled between 86.05 to a low of 85.39. As for futures, the white metal for Dec. delivery lost 8.5 cents, or 0.5%, to $17.54 an ounce, after booking a nearly 0.2% decline for the week while the yellow metal lost  $8.50, or 0.6%, to settle at $1,504.40 an ounce on Comex. 

The white metal, Silver, is prone to move in tandem with Gold, but it has been the second favourite in the wake of risk-off markets, playing catch-up at times of risk on, however as evident in the Gold/Silver ratio which had dropped around 15% this year before recovering back 50% of the drop to the 200-day moving average as signs of a global recession spark another flight to safety.

"For the precious metal bulls, the market's lacklustre reaction to reports that the Chinese delegation will arrive in Washington with a narrowed scope for talks was certainly a disappointment," analysts at TD Securities added.

"While a series of US data prints suggested that the American growth engine may be at risk of stalling, and has seen October Fed pricing incorporate a near 75% likelihood of a cut, given the non-farm print failed to lock-in the October cut, and more importantly, the change in language vis-a-vis the prospect of further cuts, the market is likely to take a wait-and-see approach with trade talks as the next major catalyst for the complex."

Silver levels:

The price of Silver is below the 21-day moving average still but the 50-day moving average has been pirced on today's move.  Bears will continue to target the 61.8% down at 16.10 ahead of a run to the 200-day moving average down in the 15.90s. Bulls will need to overcome a triple-top target of 18.60/80 before a run to the 19.60s and September highs.


Today last price 17.43
Today Daily Change -0.11
Today Daily Change % -0.63
Today daily open 17.54
Daily SMA20 17.82
Daily SMA50 17.57
Daily SMA100 16.37
Daily SMA200 15.86
Previous Daily High 17.66
Previous Daily Low 17.31
Previous Weekly High 17.79
Previous Weekly Low 16.9
Previous Monthly High 19.65
Previous Monthly Low 16.94
Daily Fibonacci 38.2% 17.44
Daily Fibonacci 61.8% 17.52
Daily Pivot Point S1 17.35
Daily Pivot Point S2 17.16
Daily Pivot Point S3 17.01
Daily Pivot Point R1 17.7
Daily Pivot Point R2 17.85
Daily Pivot Point R3 18.04



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