An extreme number of traders on the ActivTrader sentiment indicator are long silver. The Gold/Silver ratio does indicate that silver is likely to start to outperform gold but that could also mean that it is not going to fall as fast. Yesterday’s price action in gold rejected the resistance levels I had previously mentioned, so I am expecting at least a mean reversion into the range in the yellow metal. However, the liquidity in precious metals lies a lot lower and with a string US dollar, we could definitely be better off being a contrarian.
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