Gold/Silver ratio spikes as silver longs get squeezed by dollar strength. A technical move sent XAG/USD to daily S1 on the back of Fed Powell’s comments and market volatility. The price of the white metal came under immense pressure on Thursday, despite an optimistic outlook for economic growth prospects from the chair of the US Federal Reserve, Jerome Powell. At the time of writing, XAG/USD is trading at $25.2900 and down by over 3%. The gold to silver ratio is trading around 2.7% higher with gold down by less than 1% on the day. The US dollar has mooned on the back of US Treasury yields busting through critical levels with the 10-year yield well above 1.50%, advancing to a high of 1.5470%. Despite Powell’s dovish rhetoric and cautiously optimistic economic outlook, US stocks have also fallen as markets weigh the prevailing risks to the economic recovery pertaining to the threat of higher rates and inflation. Silver’s technical rout However, there is little fundamental as to why silver has fared so poorly, relative to commodity prices in general that remain in good stead. The CRB index is bid by 0.4% on the day, only modestly pressured around the Fed event. That being said, oil prices are the major component of the CRB index which have rallied over 4% on the day. There was just less dry powder in silver compared to gold and higher long speculative positions were potentially squeezed in a technical drop below 26.0950 on the hourly chart ahead of S1 at 25.7635. Silver technical analysis 26.0950 was a firm-level on the hourly chart from which gave way to hourly S1 at 25.7635. Some short covering took place in the 25.40s but the final blow to the lows of the day and a touch above daily S1. On a correction, the bulls can target the old daily lows and a confluence with a 38.2% Fibo retracement of the daily bearish impulse at 25.7640. FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next Forex Today: Powell powers the dollar.. and yields FX Street 1 year Gold/Silver ratio spikes as silver longs get squeezed by dollar strength. A technical move sent XAG/USD to daily S1 on the back of Fed Powell's comments and market volatility. The price of the white metal came under immense pressure on Thursday, despite an optimistic outlook for economic growth prospects from the chair of the US Federal Reserve, Jerome Powell. At the time of writing, XAG/USD is trading at $25.2900 and down by over 3%. The gold to silver ratio is trading around 2.7% higher with gold down by less than 1% on the day. The US… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.