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Silver Weekly Outlook: Safe Haven Demand To Keep Bullish Momentum

Published 31/07/2017, 07:16
XAG/USD
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SI
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XAU/XAG
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Silver

Overall Sentiment

  • The white metal is in a great position to extend its recent gain but we fear that it may soon run its course and perhaps consolidate first

Speculative funds positioning

  • Speculative funds turned negative amid strong selling interest but with the price now higher, shorts are under pressure to cover

Bullish perspective

  • Gold:silver ratio has turned lower after a strong rejection (see chart below)
  • Safe-haven demand is still high and that should keep the bullish momentum in-tact for now.

Bearish perspective

  • RSI is about to hit technical resistance and some sort of consolidation is not a surprise
  • Price action still trades within a downward channel (see weekly chart below)

Conclusion: Silver is attempting to form a rather bullish monthly candle which should bode well for late buyers to join and buy the dips.

XAG/USD

Silver Chart

Disclaimer: This material is produced solely by TheBullionTimes and with the best intention of informing readers about the latest outlook on the precious metals industry. Any material in this content must not be reproduced without the consent and any indication are not trading signals as such.

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