Major support – 68.85 (trend line joining 64.28 and 66.99)
Gold/silver ratio broken the major support of 68.85 and is trading slightly below that level. The break below trend line support confirms further decline in the ratio. This confirms silver will outperform Gold in the short term.
On the higher side, upside capped by 1 00 –day MA and slight jump in ratio is possible if it breaks above that level.
Technically Silver is facing strong resistance at $18.08 (200- W MA) and any weekly close above confirms major bullishness, a jump till $19.02 (61.8% retracement of $21.15 and $15.63)/$20.07 (Sep 19th 2016 high).
Gold is facing major resistance at $1245 (200- W MA) and close above targets $1260 (200- day MA)/$1278.
It is good to buy silver on dips around $17.70-$17.75 with SL around $17.20 for the TP of $18.65/$19.
Sell gold on rallies around $1245-$1248 with SL around $1262 for the TP of $1216/$1200
Gold/silver ratio broken the major support of 68.85 and is trading slightly below that level. The break below trend line support confirms further decline in the ratio. This confirms silver will outperform Gold in the short term.
On the higher side, upside capped by 1 00 –day MA and slight jump in ratio is possible if it breaks above that level.
Technically Silver is facing strong resistance at $18.08 (200- W MA) and any weekly close above confirms major bullishness, a jump till $19.02 (61.8% retracement of $21.15 and $15.63)/$20.07 (Sep 19th 2016 high).
Gold is facing major resistance at $1245 (200- W MA) and close above targets $1260 (200- day MA)/$1278.
It is good to buy silver on dips around $17.70-$17.75 with SL around $17.20 for the TP of $18.65/$19.
Sell gold on rallies around $1245-$1248 with SL around $1262 for the TP of $1216/$1200