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O’Hare: Why silver is done riding gold’s coat tails

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January 12, 2016 bank, capital, china, commodities, commodity, concern, concerns, demand, fear, gold, group, haven, idea, market, markets, o'hare, price, prices, risk, safe, saxo, saxobank.com, saxotrader, saxotradergo, saxotv, sell, selling, short, shorting, silver, steve, stop, strategies, strategy, tale, target, trade, trader, traders, trades, tradingfloor, tradingfloor.com, tradingfloorcom, tv, view
The recent rise in silver prices is mainly due to the safe haven demand for gold fueled by investor concerns over China, says Steve O’Hare. With the medium-term outlook for silver negative, he is looking to sell.

According to O’Hare, the charts confirm that silver is lagging the strength of gold and is trading at August 2009 lows. O’Hare is looking to sell current levels and add to this on a break of USD 13.60. His targets on this trade are moves towards USD 13.00 and USD 12.75 with a stop at USD 14.50.