Silver Looks Set To Outperform Gold
May 23 (King World News) –Top Citi analyst Tom Fitzpatrick:Silver continued its outperformance last week and Oil may finally be faltering.
Silver & Gold
Silver closed the week up 3.6% and the Gold/Silver ratio dropped 3.90%. A bearish outside month still looks likely on this ratio (Needs to close below 107.93 and was last 100.84) While we remain structurally bullish on Gold, Silver still looks set to relatively outperform for now and a move towards 80 on this ratio still looks likely.
Crude Oil
(July WTI Crude Oil) closed down 1.94% on the week and daily momentum is crossing lower from the highest levels since those seen at the peak in Dec-Jan. Our bias is for a return towards $23-$24.4 suggesting that some caution should be warranted on “Oil” currencies.
The Week Ahead
So for the week ahead the market dynamics look likely to be focused on China/ Hong Kong and the political rhetoric and actions that materialize. This is likely to make this week a little more nervous and choppy I suspect.
Things looking good for ARD?
(20min delay)