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- Gold/silver ratio may have topped, scope for a free-fall to 70.00 - Commerzbank
Gold/silver ratio may have topped, scope for a free-fall to 70.00 - Commerzbank
FXStreet reports that economists at Commerzbank suggest that the gold/silver ratio has now topped due to the triple divergence of the RSI.
“Gold/silver ratio has again rallied higher towards the band of resistance offered by 80.20 the 29th October high and 81.26 the 23rd September high. The new high has been accompanied by triple divergence of the daily RSI and this most depicts the end of the move. This overhead resistance is reinforced by the 200-week ma at 82.14, and we suspect that the market will now fail.
“Dips lower will find the short term uptrend at 76.50, but we suspect that the 55-day ma at 75.16 may provide stronger support and the ratio will have to drop below here to confirm a slide back to key support is centered around 70.00 and the six-month uptrend at 69.43.”
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