Silver prices have staged a meaningful bullish reversal this week. The pause in the rally at the August high and Fibonacci retracement cluster may be temporary, but more significant hurdles still remain ahead.
and silver are precious metals that typically enjoy a safe haven appeal during times of uncertainty in financial markets. While other asset classes don’t like increased volatility , precious metals tend to benefit from periods of higher volatility as uncertainty increases silver’s safe haven appeal.
Despite finding resistance, momentum remains bullish. Silver prices found support today at their daily 5-EMA, while the daily 5-, 8-, 13-, and 21-EMA envelope remains in bullish sequential order. Daily MACD is trending higher above its signal line, while daily Slow Stochastics are back in overbought territory. Should silver prices hurdle the area around 20.6500/20.
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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