| ScotiaMocatta:
Jul 28, 2010 -
Silver's price action remains bearish, having tested a new one-month
intraday low. The one-month downtrend, with resistance at 18.26,
remains the key topside level that nullifies the current bearish price
action. Silver has underperformed gold over the past two sessions, as
the Gold-SIlver ratio has rebounded rapidly back above the 66 level to
66.44. Downtrend resistance in the ratio corresponds to the sharp one
month downtrend in spot gold, and comes in at 66.88.
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