Global equity markets are likely to remain firmly gripped by geopolitical risk, as escalating tensions over the conflict in Syria weigh heavily on sentiment.
Last Friday, silver declined early in the day only to rally almost 40 cents from the initial low. In our previous alert, we discussed the possibility of silver topping at about $16.65 and this level was reached. Is silver about to take a dive just like it did in late November 2017?
Taking profits on our short positions and closing them on Thursday turned out to be a good idea. Gold, silver and – on an intraday basis – mining stocks moved higher on Friday, while the USD Index declined
In today’s analysis, we discuss the non-USD silver price (the average of silver prices in terms of currencies other than the U.S. dollar), the Dow to gold ratio and the long-term USD Index picture.
