Spot Silver 20201118 08.54

Silver prices continue to struggle so far this week despite a lackluster US Dollar. Since the monthly high on November 9, XAG/USD is down nearly 5%. Meanwhile, the US Dollar (DXY) gained only 0.25%. Generally precious metals, like gold and silver, tend to perform well during periods of USD weakness.
A quick look at technicals on XAG/USD’s daily time frame sees silver near trendline support from its 2020 low. The 100-day Simple Moving Average is also looking to keep the focus towards the upside. A break under these would likely send a bearish signal on the precious metal, perhaps opening the door to reversing much of this year’s earlier bullish action.

 

 

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