Fxwirepro call review: maintain short positions in silver; target further extended to $12.75
Source: FxWire Pro - Commentary / 16 Aug 2018 09:14:52 America/New_York
Early last month, we called on our readers to go short on Silver at the then current rate of $15.8 per troy ounce with a target of $14 per troy ounce area citing unfavorable fundamentals, which are a stronger dollar and rising interest rates, https://www.econotimes.com/FxWirePro-Short-Term-Outlook-Sell-Silver-targeting-14-per-troy-ounce-1403001
Since our call, the selloff in Silver has further intensified and the price is currently at $14.6 per troy ounce area. Based on our latest calculations, we would like to further extend the target from the current $14 area to $12.75 area.
In addition to the above-mentioned unfavorable fundamentals, a slowdown in China thanks to U.S. trade war would very bearish for the metal as it is the major consumer.© FxWire Pro 2018. All rights reserved. The FxWire Pro content received through this service is the intellectual property of FxWire Pro or its third party suppliers. Republication or redistribution of content provided by FxWire Pro is expressly prohibited without the prior written consent of FxWire Pro, except for personal and non-commercial use. Neither FxWire Pro nor its third party suppliers shall be liable for any errors, omissions or delays in content, or for any actions taken in reliance thereon.