Silver prices have reversed, turning lower at a cluster of important Fibonacci retracements that were formerly support. A rebound in US real yields and a stronger US Dollar are proving problematic in the near-term for silver prices.
-0.23. One week ago, on August 10, the 5-day correlation was -0.07 and the 20-day correlation was -0.52.After moving higher following the July Fed meeting, the silver price rally stalled out at a cluster of important Fibonacci levels: the 23.6% retracement of the 2011 high/2020 low range; and the 50% retracement of the 2020 low/2021 high range. Silver prices have dropped below their daily 5-, 8-, 13-, and 21-EMA envelope, which is in neither bearish nor bullish sequential order.
We typically take a contrarian view to crowd sentiment, and the fact traders are net-long suggests Silver prices may continue to fall. Yet traders are less net-long than yesterday and compared with last week. Recent changes in sentiment warn that the current Silver price trend may soon reverse higher despite the fact traders remain net-long.
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