Gold/Silver ratio to head lower toward 200-week ma at 82.34 – Commerzbank

Gold/Silver ratio sold off aggressively eroding the 2011-2020 uptrend and Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, awaits further losses to the 200-week moving average at 82.34.

Key quotes

“The Gold/Silver ratio has sold-off aggressively eroding the 2011-2020 uptrend. It will shortly encounter the 84.04 December 2019 low. This may hold the initial test, but having eroded a major uptrend we suspect further losses to the 200-week ma at 82.34. Failure there will target the 79.17 September 2019 low.” 

“Rallies are likely to find the previous high at 93.10 – the July 2019 high.”