Weak Technicals The precious metal is trading at $19.55 per ounce at 09:40 GMT this morning, 1.11% lower from the New York close. During the session, silver traded at a high of $19.80 per ounce and a low of $19.51 per ounce. In the New York session yesterday, silver rose 0.15% and closed at $19.77 per ounce. Immediate downside, the first support level is seen at $19.42 per ounce, while on the upside, the first resistance level is at $19.75 per ounce.
,Silver prices (for September delivery) traded up +$0.135 (+0.69%) higher to $19.785, with today’s trading range between $19.625 and $19.940 for the contract.
The 3-day chart (above) showed the bid of silver (spot) prices sitting at $19.655 at 3:33 p.m. EST. This chart shows us that the price of silver today (green line) moved back into a neutral position between yesterday’s (red) line and the blue one from the day before.
Silver (as well as gold) tend to have a bias to move back towards where it recently traded a large percentage of the time. With the sharp spike lower in the red line, investors may have attempted to put on a long position and would be sitting in profit right now (perhaps with a stop loss above break-even).
The current gold/silver ratio sits at 68.340 (based on the September contracts) or 68.60 based upon their spot prices. Gold (for September delivery) rose +8.90 (+0.66%) higher to $1,352.10 with today’s range at $1,345.20 to 1,354.90.
On the chart (above), we can see the September contracts of both gold and silver since the start of August. What we can see, is that the spread between the price movements of the two metals has widened in the past couple days (orange lines).Click here for reuse options!