Commodities Analysis and Opinion
Gold, Silver Set to Test Resistance: Breakout in the Cards?
2023.07.17 05:28
weakness is powering the precious metals sector higher as and the miners lead. Last week, the GDX (NYSE:) advance-decline line cemented a positive divergence. There have been four other positive divergences in the last 7 years and all resulted in big rallies.
Silver cleared $24.50 resistance and should test $26. Meanwhile, will test $1985-$2000 resistance. The Gold/Silver ratio is breaking down in favor of Silver. Gold needs to show more relative strength outside of dollar weakness.
