Silver Slumps To Worst Day In 2 Months As BofA Says "Sell Gold"

Tyler Durden's picture

As CNY unwinds, Russia-Ukraine safe-haven bids, and Turkish Lira (erdogan corruption) concerns flood back into the USD as a safe-haven, precious metals have come under pressure this morning. Gold has been sold but remains relatively stable but Silver is suffering its biggest down day in almost 2 months ad the gold-to-silver ratio surges back up to ts 4-month average.

Silver notably underperforming Gold today...

 

With its worst day in 2 months...

 

Some have suggested today's weakness is also being driven by BofA's technical call to sell gold...

Time to sell gold

Gold is rolling over. The impulsive intra-day decline from today's 1345 high says that the trend has turned ahead of the confluence of long term resistance between 1350/1367. With the ADX at trend ending extremes, and daily momentum posting bearish divergences, target 1270, potentially long term triangle support at 1185.

Sell Gold at 1337, risking 1346, target 1270, potentially 1185