Since July 2019, Silver has continued to outperform gold. The gold/silver ratio is around 84.50, relative to what it was in July of this year hitting approximately 93.39 on weekly bases. I still expect to see silver continue to appreciate relative to gold. It is impressive how silver held its ground considering dollar strength-today! Fed meeting in a few weeks. Would they cut-rate? Maybe .25 base point? Who knows. Well, any cut would favor silver. There is a talk of progress in trade negotiating with Beijing.
From a technical perspective, a closer look shows that momentum is turning up. The bulls continue to enjoy a technical advantage. There is formidable support around $17.00 that needs to hold per close bases; otherwise, the bear will resume. Also, the commitment of traders with options report measured last week shows the non-commercial and non-reportable position hold sizable longer over 118K contracts. Given where we are now trading around 17.80 in the December futures, more longs came to the market. It would take a real fundamental change for sides to switch.