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Silver out performed gold this week as both of the precious metals rose on the back of continuing signs of U.S. dollar weakness.
We can see in the daily chart of spot-silver below that the metal formed a small bullish pin bar on October 22nd that indicated rejection of the dynamic support of the 21 day exponential moving average. Price than consolidated for several days, forming a second “confirming” bullish pin bar and an inside bar in the process.
On Friday price exploded higher and broke out of Thursday’s inside bar setup. We can see in the chart that resistance comes in close over head around $24.90 an ounce, it will be interesting to see what price action transpires around this level next week.
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Commentary:
The U.S. dollar eased on Friday after economic data showed that the U.S. economy grew in the third quarter but not strongly enough to change expectations of monetary easing by the Fed next week.
The dollar index edged lower while the Japanese yen however near its record peak in 1995 of 79.74 yen to the dollar.
The combination of next week’s U.S. mid-term elections and the Fed announcement will likely have a profound effect on currency markets and could set in place an inflection point either up or down.
The Dow rose 4.54 points, or 0.04 percent, the S&P 500 lost just 0.52 of a point, or 0.04 percent, and the Nasdaq gained just 0.04 point, or 0.00 percent.
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