• 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.

Share on,