Silver closed down on the cash market by 4 cents today. Open 12.08 low:11.82 high:12.10 Close:12.04
Today was an inside day for silver. In the middle of the 2-week range and at the high end of the 2-month range.
Gold closed down again today increasing the strength in the silver/gold ratio.
Equities shot out of a rocket today and posted >1% gains. The S&P closed at the top of a two-month trading range. I was surprised at this but will not change my bearish views on equities unless the Doji high from August fifth is exceeded.
The Treasury also staged an impressive rally today(both rallies were on the back of data which was viewed as non-inflationary.) On the chart, this looks like it could be just a correction within a bearish move downwards and I will treat it as such for now.
The dollar(predictably) sold off on the data.
Energies continued to be weak, closely mostly lower(with the exception of products.)
It looks like a pretty boring trading week until next Wednesday's release of consumer prices.
I remain neutral/bearish on silver although I do note with interest, the recent strength compared to gold and also today's rally in the equity market.
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