Silver CoT Update

by Dan Norcini
Trader Dan

The strong payrolls number on Friday of this past week sent silver reeling lower as the metal, which has been trading as a safe haven of late and not a risk trade ( it is constantly morphing back and forth between the two), took its cues from gold and of course, the surging US Dollar.

Note on the daily chart that the sharp drop in price took the metal down through BOTH the 10 day moving average and the 20 day moving average. Prior to Friday, silver had not CLOSED below the 20 day since very early in June.

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