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Silver Continues to Look Weak as Death Cross Forms

COMMODITIES
  • Despite gold grabbing the headlines earlier in the week on the acute slip lower, silver is now solidly the underperformer, with the Gold/Silver ratio now trading at the best levels of the year the yellow metal solidly outperforms in relative terms.
  • For the spot Silver price, markets formed a death cross in the DMA space this week, meaning the 50-dma slipped below the 200-dma, which may add further pressure in the near-term.
  • In energy markets, WTI and Brent crude futures finished broadly flat, taking the cue from the OPEC monthly oil market report, which kept world oil demand forecasts for 2021 and 2022 unchanged.
  • NatGas futures traded under pressure, with the active contract shedding over 3% on the larger than expected build in stockpiles: EIA data showed a build of 49BCF in the most recent week, the largest since early July.
Energy BulletsCommodities
Energy BulletsCommodities

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