Jump in silver sentiment

Troy Bombardia
2020-07-21
Silver's breakout to a multi-year high pushed sentiment in this metal higher.

Silver recently broke out to a multi-year high, and based on conventional technical analysis this is a good sign for silver. Since sentiment usually moves inline with price, silver's breakout pushed sentiment higher:

When silver's Optix reached 73 for the first time in 200 days, silver had a strong tendency to pullback in the next 2-4 weeks:

Gold and silver tend to move together, so this was a short term bearish factor for gold as well:

Moreover, breakouts from multi-year highs usually led to short term pullbacks for silver:

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