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- Last I wrote, the morning of May 31, I suggested caution was merited in the metals. I cited the gold-silver ratio at critical support, and the probability of its reversal upward, as the main signal to be respected.
The below weekly chart with the black arrow demarcating the week of May 31 shows the ratio did turn up and is now approaching overhead resistance. as well. Silver indeed fell, trading as low as $26.50 last week, from its high of $31.75 on May 31. That said,may be finding support right now , as the gold/silver ratio starts to look toppy.
The rising wedge pattern is not particularly bullish, and the opportunity for a trade here may be to sell someis going down; in fact an upside break of that rising wedge would be very bullish if not immediately reversed.
The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc.
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