Silver prices traded below the 2020 low/2021 high range. Having broken through 18.7064, a more significant sell-off towards 16.000 may still be in the works. However, recent changes in sentiment suggest that silver prices have a mixed bias in the near-term.
Once again, silver prices established a fresh yearly low today, a continuation of the sell-off spurred following the symmetrical triangle bearish breakout in the second half of June. The grey metal barreled through 18.7064, a key level outlined at the end of June, suggesting that an even deeper setback is still unfolding.

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The fundamental side of the equation hasn’t changed. “The ongoing rise in US real yields – nominal US Treasury yields less US inflation expectations (as measured by breakevens and inflation swap forwards) – coupled with global recession concerns has curated a difficult environment for silver prices.” A weak fundamental narrative continues to underpin an equally weak technical outlook.
With a new 2022 low on the books, silver prices fulfilled an expectation outlined at the end of June: “a move towards the 2020 low/2021 high range at 18.7064.” The sell-off in silver prices is consistent with the symmetrical triangle bearish breakout a few weeks ago, given that the preceding direction was to the downside. Momentum retains its bearish hue. Silver prices are below their daily 21-EMA envelope, which is in bearish sequential order.  Slow Stochastics are holding in oversold territory. A ‘sell the rally’ perspective remains appropriate for the foreseeable future.

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