Silver/USD intermediary correction continues to slow | 31 October, 2020


Silver Price Forecast relative to
Long Term Monthly (LT-M) – Medium Term Weekly (MT-W) – Short Term Daily (ST-D) – and Hourly (not shown) data.

SILVER FORECAST

(Previous week in brackets)

Silver/USD LT-M MT-W ST-D
23.59 (24.54)
Trend ↓ (↓) ↓ (↑) ↓ (↓)
% Risk
Weight
76 (77) 45 (53) 27 (70)
PM Distribution
Total allocation 50% (50%)
Ag:45% Au:35% Pt:20%

Silver/USD live price


31 October:: Horizontal support, as indicated a few weeks back stays at 21.15. Silver, as usual, show more volatility in any direction and following gold lost an extra 2 1/2% last week as world equity markets continued to soften. Whilst Equity markets continue to look weak longer term, silver will find its next bottom sometime soon. No Change.

23 October:: The early August 30 handle high for Silver vs USD was followed by some serious and typical Silver volatility. The medium term picture, like Gold, is now showing marginal signs of consolidation before fresh direction upward develops. The silver price is still subject to manipulation by institutions believed to be immortal. We hold on to our longer term targets. No Change.


GOLD/SILVER Ratio Price Risk Analysis

(Previous week in brackets)

GOLD/SILVER Ratio LT-M MT-W ST-D
79.19 (77.06)
Trend ↓ (↓) ↑ (↑) ↓ (↑)
% Risk
Weight
13 (13) 39 (31) 65 (40)
PM Distribution
Total allocation 50% (50%)
Ag:45% Au:35% Pt:20%

Gold/Silver Ratio live price


31 October:: Risk weight still appears in a corrective mode with overhead resistance at 86.35. The Gold/Silver ratio remains difficult to predict in any time frame but short and longer term tools are still showing risk pressure to the downside. This makes our intermediate equilibrium objective of sub 65 still the safer bet. No Change.

23 October:: All risk weight timeframes are down but not strongly and nearing support levels. This is typical for all markets that have suffered badly and have disappointed investors. Having come down from the March highs to current levels around 75 represents an opportunity to reduce earlier losses or re-allocate with small profits. This takes time and the better strategy is just sit tight and wait for that definitive moment where Silver returns to its natural long term equilibrium with gold sub 40. Hence staying with an overweight silver in the precious metals space. No Change.



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