Silver prices remain under pressure as US real yields rise further, supporting a stronger US Dollar. Momentum has turned more bearish, and a retest of the yearly lows at 18.1423 may not be far ahead.
-0.15. One week ago, on August 17, the 5-day correlation was +0.58 and the 20-day correlation was -0.23.that “a drop below the August low at 19.5519 would open the door for a return to the yearly lows at 18.1423.” This condition was achieved, increasing the likelihood of a return to the lows of 2022 in the near-term. Silver prices are below their daily 5-, 8-, 13-, and 21-EMA envelope, which is in bearish 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. Traders are further net-long than yesterday and last week, and the combination of current sentiment and recent changes gives us a stronger Silver-bearish contrarian trading bias.
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