Dissatisfying News From Yellow Metal
The yellow metal tried to recover but didn’t manage to and closed around its minimum of 1263.70. It has been settling under its 200-day moving average and daily resistance of 1267.30 for two straight days. In Europe, gold breached the critical long-term support of 1260.00, after closing at the minimum of 1256.00. There was a mild recoil to 1259.00 but 1260.00 wasn’t taken.
Silver breached its 5-month trendline support of 17.0000 and hit its 100 and 200-day moving averages. But then it has dropped to the minimum of 15.8900. Resistance is at 16.2360 and 16.5380, a solid support appear only from 14.9200.
The mint ratio has reached the half a year maximum at the 79.00 zone, suggesting that the yellow metal might sink and silver might either remain unchanged or rise. The mint ratio also has interim resistance at 79.35, firm resistance is at 81.80. Support is at 75.75 and then 74.00.