, we had a strong move upwards from the $17/oz range to a high of roughly $19.755/oz. Recently, however, the price has failed to maintain momentum to regain those highs and has steadily pushed lower in an evident regression trend on the daily chart
from 05 Sep 2019 to the present. I believe that silver
will retest the $17/oz range, and from there, we will have a stronger confirmation on the short term direction of silver's price. As well the gold
ratio rebounded from a yearly low of roughly 1XAU:79.38XAG to currently 1XAU:84.89XAG. In the meantime, I believe silver
to be a short trade. However, in the long run, silver
seems to be bullish
as the gold
ratio is at historical peak levels.