The for XAGCNY called a more technical top on the monthly chart with a damn near perfect rejectoin at 69.95, 1/20th of a percent shy of overbought conditions. Both RSIs seem to have a providing resistance, that will be interesting to watch
The XAGCNY chart has a potential developing. This triangle behooves more patience in silver than some of my other charts, at least in terms of CNY . Below is an interesting chart, where this formation, which is kinda in the wrong position, forecast doom for the yuan against the dollar.
the 100 M is clearly acting as resistance on XAGCNY and, in combination with the and charting, really helps define this local high
In regards to silver/usd we can see that the chart formation is still preliminary compared to the silver/yuan chart. A moving average system suggest we will be leaving ths triangle early. The divergence on the for the USD chart isn't as severe as the yuan chart. I think we might find a circumstance where the Chinese drive the pumping and selling of silver while the US and other demominations provide support. Depending on how the 100 acts for XAGUSD will determine a lot going forward.
My look at the Effective Federal Funds Rates shows a very possible dip to negative interest rates so precious metals should be making a run due to the hedge against . Silver should be moving quicker than gold due to the that everyone and deh momma should have seen if they follow the gold/silver ratio . Perhaps coincidentally the target gets us to the current lower limit of the 3 st . dev . Neat.
From here on out I am going to be using XAGCNY and the Gold/Silver ratio to help time my silver/usd trades. Traditional disclaimers apply about me not being a financial advisory or a CMT .