Silver Loses Ground Following Clinton Victory and Collapsing Oil – Short Positions Suggested
Silver dropped for a third day in a row on Tuesday, hitting the lowest in more than a week at around $18.960 per ounce. The decline was due to a firmer dollar, weakening oil prices and the outcome of the first presidential debate that sent investors towards riskier assets, after a Clinton victory that relieved some of the market’s fears.
Democrat Clinton was judged by financial markets to win the late night Monday contest, which helped put downside pressure on safe-haven assets including silver. Further downside pressure was created by a falling crude price that has been sliding since the last 24 hours, dampening the appeal of commodities in general including gold and silver – which are considered a shield for investor wealth against inflation.
Sell Stop at 19.000, Stop loss at 19.300, Take profit at 18.765