Silver prices are overvalued, but there is no definitive sell signal - Quant Insight's Roberts QuantInsight silver HuwRoberts
- The silver market is seeing some aggressive profit-taking, with prices falling back below $25 an ounce after its recent rally to a nine-week high; however, according to one research firm, the price has room to fall further as the market appears overstretched.
The modeling from Quant Insight shows that most commodities – gold, silver, copper, and iron ore, to name a few – are significantly impacted by the recent weakness in the U.S. dollar. Last week as gold and silver hit multi-week highs, the U.S. dollar Index dropped below 100 points, hitting its lowest point since April 2022.
However, the risk for silver is that the second major market driver for the precious metal is positive economic growth. Roberts said that, unlike gold, silver appears to benefit from a relatively resilient U.S. economy. While silver is overvalued compared to its modeled fair value, Roberts said that for the system to generate a valid signal, QI needs to see macroeconomic conditions turn down.
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Mild price pressure on gold, silver as USDX reboundsSenior Technical Analyst Jim Wyckoff prepares investors with an overview of how the markets opened and closed. What moved metal prices? How do the technicals look? By looking at important developments
Read more »
Wednesday's Charts for Gold, Silver and Platinum and Palladium, July 19Get the Big Picture view on gold, silver and other precious metals markets with Kitco Senior Analyst. With thorough analysis, get a sense of today's market as well as where it may be heading. Be in the lead.
Read more »
Thursday's Charts for Gold, Silver and Platinum and Palladium, July 20Get the Big Picture view on gold, silver and other precious metals markets with Kitco Senior Analyst. With thorough analysis, get a sense of today's market as well as where it may be heading. Be in the lead.
Read more »
Gold, silver see routine corrective pullbacksSenior Technical Analyst Jim Wyckoff prepares investors with an overview of how the markets opened and closed. What moved metal prices? How do the technicals look? By looking at important developments
Read more »
First Majestic produces 6.3 million silver equivalent ounces in Q2, trims 2023 guidanceA roundup of all the mining news in the precious metals sector with a variety of company news, mining sector analysis, newsletter writer insights and executive interviews.
Read more »
Where are the stops? Wednesday, July 19, gold and silverKitco's Jim Wyckoff's buy and sell stop data give investors an idea of some of the key levels to watch during the daily trading session. Investors could see big moves in gold and silver if these daily levels are breached.
Read more »