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PRECIOUS METALS: Heavy Silver Sales Leads Precious Metals Lower

PRECIOUS METALS
Metals bulletBulletMarketsFixed Income BulletsForeign Exchange BulletsCommodities

Heavy selling in precious metals is prompting gold to reverse the week's early gains, with heavy silver sales leading the complex lower - helping the gold/silver ratio to extend two-day gains and erase the mid-month move in the measure. Volumes are very healthy, with gold futures markets seeing cumulative activity of over 20% ahead of average for this time of day. Silver volumes are not far off 40% above average.

  • The run higher in US yields and the (somewhat minor) move higher in the greenback may have been the initial trigger, but heavy volumes and heightened activity in futures space has added additional pressure and dragged gold off the alltime high posted just this morning.
  • These moves are deemed corrective at these levels: the trend condition in Gold is unchanged and sights are on the $2800.0 handle next.
  • Perhaps more notably, silver weakness has pressed prices through the 20-day EMA of $32.820, which works against the recent extension. This exposes layered support between $31.59 and $31.09.
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Heavy selling in precious metals is prompting gold to reverse the week's early gains, with heavy silver sales leading the complex lower - helping the gold/silver ratio to extend two-day gains and erase the mid-month move in the measure. Volumes are very healthy, with gold futures markets seeing cumulative activity of over 20% ahead of average for this time of day. Silver volumes are not far off 40% above average.

  • The run higher in US yields and the (somewhat minor) move higher in the greenback may have been the initial trigger, but heavy volumes and heightened activity in futures space has added additional pressure and dragged gold off the alltime high posted just this morning.
  • These moves are deemed corrective at these levels: the trend condition in Gold is unchanged and sights are on the $2800.0 handle next.
  • Perhaps more notably, silver weakness has pressed prices through the 20-day EMA of $32.820, which works against the recent extension. This exposes layered support between $31.59 and $31.09.