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The gold commercial COT report slightly improved but is still significantly bearish. The silver commercial COT is also leaning towards the bearish bias. Silver is currently trading at around $17 and there is strong support resides at $16.20 but a break below the mentioned level especially the $16 could drag the prices much lower. The white metal needs to break above $17.50 in order to be somewhat in a strong and bullish position however we believe that silver is providing a great opportunity at the moment to enter short.we are anticipating a major breakdown in silver prices.
Summary: We are witnessing sideways movement In the Gold and silver prices over the past week. Technical chart and Economic indicators are giving a mixed picture however leaning more towards the bearish camp but we are taking caution as we haven't seen a breakdown within the precious metal sector even when Major U.S stock indices are making all-time highs every day along with the building permits beating expectations. We still believe that a major breakdown within the precious metal sector is yet to be seen however In order to secure our profit We have moved our stop loss in Gold at $1503 and In silver at $18.
Summary: We are witnessing sideways movement In the Gold and silver prices over the past week. Technical chart and Economic indicators are giving a mixed picture however leaning more towards the bearish camp but we are taking caution as we haven't seen a breakdown within the precious metal sector even when Major U.S stock indices are making all-time highs every day along with the building permits beating expectations. We still believe that a major breakdown within the precious metal sector is yet to be seen however In order to secure our profit We have moved our stop loss in Gold at $1503 and In silver at $18.
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