Silver eases to test the lows for the week
Precious metals aren't getting much love today as the dollar holds firmer across the board and is now threatening to break higher as the 1.2000 level in EUR/USD looks to be in danger as sellers (dollar buyer) target a daily break of that.
Over to silver, we are seeing price hit lows for the day and tracking just below its 200-hour moving average (blue line) as sellers try to seize near-term control.
However, the low for the week at around $26.28 is still providing an additional layer of support for buyers for the time being but things are starting to get dicey.
For now, silver buyers may still hang on but there is plenty of work to do in order to turn the near-term momentum back in their favour - even more so now that the fever has cooled off, despite suggestions of record ETF inflows.
A break below $26.28 is likely to accelerate downside pressure back towards $26.00 next and that will bring into question longer-term levels as pointed out yesterday.
