The Silver market failed to hold an early rally today and seemed to weaken as the session progressed. In addition to partially discouraging US scheduled data, Silver was undermined by a reversal of sentiment in equities and a rising USD.
With weakness seen in a long list of industrial commodities today it is also likely that Silver saw spillover selling from outside market action.
The failure to hold above the even number 30.00 level in Dec Silver is seen as a negative technical trade by some players, and that weakness would seem to put the Bull camp On the Rocks into the critical German vote. Stay tuned...
Paul A. Ebeling, Jnr.
Paul A. Ebeling, Jnr
Paul A. Ebeling, Jnr. writes and publishes The Red Roadmaster's Technical Report on the US Major Market Indices, a weekly, highly-regarded financial market letter, read by opinion makers, business leaders and organizations around the world.
Paul A. Ebeling, Jnr has studied the global financial and stock markets since 1984, following a successful business career that included investment banking, and market and business analysis. He is a specialist in equities/commodities, and an accomplished chart reader who advises technicians with regard to Major Indices Resistance/Support Levels.