The Silver market has exploded higher reaching what may be called a “Fever Pitch” as the DSI (daily sentiment index) is at extreme readings and RSI is extremely overbought.
Silver posted today an outside spinning top after a relentless 3 month rally higher.
The Gold silver ratio reversed lower last month from an almost all time record high (above 93).
Silver is probing a key downtrend line that has been in tact since mid 2017.
The Silver market has potentially double topped. More importantly, this is happening at a key Fibonacci level and previous support from the lows back in April 2018.
Both popular precious metals (gold and silver) posted key reversal days today.
Precious metals – and commodities in general – have experienced a strong boost in the past couple of weeks. Oil seems to have been leading the charge since mid-2017 but what do we make of this move?
2018 is nearly upon us and the past year was certainly full of interesting events. Potentially dangerous political events in the EU – such as the French & German elections and the Catalan independence referendum – were safely navigated.
Gold and Silver are assets which have been of great importance for thousands of years. Up until a few decades ago, gold was explicitly linked to currencies (such as the US$) and was broadly used as money.