Forex News
UOB’s Quek Ser Leang notes USD/SGD extended gains toward 1.2725 as the US Dollar strengthened broadly and Singapore Dollar (SGD) Nominal Effective Exchange Rate (NEER) stayed around 1.65% above its mid-point. Leang sees strong but overbought short-term momentum, with intraday gains likely capped near 1.2725 and major resistance at 1.2755. For the coming weeks, UOB expects USD/SGD to stay supported above 1.2665 while targeting 1.2755.
Dollar strength meets SGD resistance band
"24-HOUR VIEW: We did not expect USD to soar to a high of 1.2725 yesterday (we had expected range-trading). USD eased from the high to close 0.32% higher at 1.2706. While upward momentum remains relatively strong, overbought conditions suggest any advance today is likely limited to a retest of 1.2725. Even if USD breaks above 1.2725, is unlikely to threaten the major resistance at 1.2755. Support is at 1.2690, followed by 1.2680."
"1-3 WEEKS VIEW: While we turned positive on USD last Friday (11 Sep, spot at 1.2680), we highlighted that “it must clearly break above 1.2705 before a sustained rise is likely.” In a sharp move yesterday, USD soared above 1.2705, printing a high of 1.2725. The price action suggests that USD could continue to rise toward 1.2755. To keep the momentum going, USD must hold above the ‘strong support’ at 1.2665 (level previously at 1.2640)."
(This article was created with the help of an Artificial Intelligence tool and reviewed by an editor. Know more.)
- USD/JPY is up for a second straight day, lifted by a firmer US Dollar as a jump in Oil pushes US yields higher.
- Wednesday's Fed decision, with markets leaning toward a rate hike, and US Retail Sales are the immediate catalysts.
- Gains look capped by Friday's Bank of Japan meeting, where a hike is widely expected to support the Yen.
USD/JPY trades near 155.20 on Tuesday, rising for a second straight day and pulling away from the roughly seven-month low it set last week. A firmer US Dollar (USD) is doing the work, helped by a sharp jump in Oil that has pushed US Treasury yields higher.
West Texas Intermediate (WTI) Oil has surged more than 3% on Tuesday, and higher energy costs feed straight into inflation expectations, lifting yields and the safe-haven Dollar.
The Federal Open Market Committee (FOMC) decides on Wednesday. Markets are leaning toward a 25 basis points (bps) rise to 3.75%-4.00%, the first move after five straight holds, with US Retail Sales for August due the same morning.
Firm labor figures, including a pickup in the ADP employment gauge on its four-week average, have added to the hawkish case. A hike paired with guidance for more would extend the Dollar's bounce.
The Bank of Japan (BoJ) announces its policy decision on Friday, and markets widely expect a hike, with rates expected to move to 1.25%. Strong Japanese wage and growth data have firmed those bets, and speculators have trimmed their positions against the Yen since the summer's intervention.
Short-term technical analysis:
On the 4-hour chart, USD/JPY trades at 155.18. The pair holds a bullish near-term bias as it trades above the 20-period Simple Moving Average (SMA) at 154.37, while immediate resistance emerges just overhead at 155.22 and the broader trend cap sits at the 100-period SMA near 156.92. The Relative Strength Index (RSI) around 62 suggests firm positive momentum, hinting that dips could remain supported while price stays above the short-term average.
On the downside, initial support is seen at 155.06, with additional demand layered at 154.89 and 154.69, before the 20-period SMA at 154.37 reinforces the underlying floor. On the topside, a clean break above 155.22 would expose the next upside barrier at the 100-period SMA near 156.92, where the broader four-hour downtrend line implied by the longer average is likely to challenge further gains.
(The technical analysis of this story was written with the help of an AI tool. Know more.)
Standard Chartered economists Hunter Chan and Shuang Ding assess China’s July-August data and conclude that domestic demand weakened while production held up. They note softer household consumption, ongoing contraction in manufacturing and real estate investment, and stronger Industrial Production supported by external demand. The bank highlights downside risks to Q3 GDP and expects faster budget implementation and continued supportive monetary policy.
Domestic demand weakens as production holds
"China’s August real activity data suggests that domestic demand weakened further, while production activity accelerated, partly thanks to resilient external demand and the AI supercycle."
"We estimate that monthly GDP growth picked up in August, mainly thanks to solid IP growth, while staying below the bottom of the annual growth target range of 4.5%-5.0%."
"We see downside risk to our Q3 GDP growth forecast of 4.6% y/y."
"We expect the government to accelerate budget implementation with faster spending and bond proceeds deployment, supporting a stabilisation in infrastructure investment."
"Supportive monetary policy will likely continue to keep liquidity ample."
(This article was created with the help of an Artificial Intelligence tool and reviewed by an editor. Know more.)
- NZD/USD breaks the July cycle low, confirming broader bearish structure.
- RSI points lower as sellers maintain control of momentum.
- Break below 0.5750 exposes 0.5700 and 0.5672 next.
The New Zealand Dollar (NZD) tumbles against the US Dollar (USD) on Tuesday for the second straight day this week, down 0.37% as risk appetite sours, with AI company CEOs expressing concerns about the rapid pace of evolution and as high energy prices push markets to expect further tightening by the Federal Reserve (Fed). At the fime of writing, NZD/USD trades at 0.5757 after touching a two-month low of 0.5750.
NZD/USD Price Forecast: Technical Outlook
Price action shows the NZD/USD downtrend remains intact after clearing the 0.5800 figure and also the latest cycle low of July 29 at 0.5761, clearing the way for further downside.
The Relative Strength Index (RSI) shows that bearish momentum continued to build, indicating further NZD/USD downside.
The first key support is at 0.5750, followed by 0.5700. Beneath this level is the July 7 low of 0.5672, followed by the year-to-date low of 0.5626.
For a bullish reversal, buyers must reclaim 0.5800 to challenge the confluence of daily SMAs at around 0.5839-0.5855.
NZD/USD Price Chart – Daily
New Zealand Dollar Price Today
The table below shows the percentage change of New Zealand Dollar (NZD) against listed major currencies today. New Zealand Dollar was the strongest against the Japanese Yen.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | 0.06% | 0.15% | 0.50% | 0.09% | 0.10% | 0.34% | 0.18% | |
| EUR | -0.06% | 0.09% | 0.41% | 0.03% | 0.04% | 0.28% | 0.11% | |
| GBP | -0.15% | -0.09% | 0.33% | -0.08% | -0.05% | 0.16% | 0.02% | |
| JPY | -0.50% | -0.41% | -0.33% | -0.40% | -0.39% | -0.16% | -0.32% | |
| CAD | -0.09% | -0.03% | 0.08% | 0.40% | 0.01% | 0.24% | 0.08% | |
| AUD | -0.10% | -0.04% | 0.05% | 0.39% | -0.01% | 0.22% | 0.06% | |
| NZD | -0.34% | -0.28% | -0.16% | 0.16% | -0.24% | -0.22% | -0.15% | |
| CHF | -0.18% | -0.11% | -0.02% | 0.32% | -0.08% | -0.06% | 0.15% |
The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the New Zealand Dollar from the left column and move along the horizontal line to the US Dollar, the percentage change displayed in the box will represent NZD (base)/USD (quote).
- The US Dollar holds firm ahead of the Fed monetary policy announcement on Wednesday.
- Updated economic projections and signals on further tightening could drive the next move in the Greenback.
- Technically, DXY has reclaimed the 200-day SMA but faces strong resistance around 99.80-100.00.
The US Dollar Index (DXY) holds firm near a two-week high on Tuesday as traders prepare for the Federal Reserve’s (Fed) monetary policy decision on Wednesday. At the time of writing, the index trades around 99.66, up 0.17% on the day.
Markets are nearly fully pricing in a 25-basis-point rate hike, with the CME FedWatch Tool placing the probability at 92%. As a result, the Fed’s guidance may matter more for the US Dollar than the decision itself, with attention turning to the updated economic projections and comments from Fed Chairman Kevin Warsh.
USD path hinges on FOMC follow-through and dot plot signals
Strategists at Scotiabank highlight that “swaps are pricing in more than 90bps of Fed tightening between now and next summer,” warning that “any doubts about follow-through action from the FOMC could still derail the USD.” According to TD Securities, with “a 25bp rate hike almost fully priced-in, the USD could see knee-jerk weakness under our base case,” while “a rate hold would be a big dovish surprise and could push the USD back to pre-August CPI release level.”
They add that “the USD rally could have room to extend if the dot plot puts an October rate hike on the table,” noting that in one scenario the “Fed hikes rates 25bp with little change to the statement language” and the “dot plot shows a median of two hikes,” whereas in an alternative outcome the “Fed keeps rates on hold with no changes to the statement,” with “more than three dissents and median dot still shows at least one hike.”
Technical analysis
On the daily chart, the US Dollar Index appears to have formed a double bottom around 98.50 and has reclaimed the 200-day Simple Moving Average (SMA) at 99.13. However, the recovery now faces a dense resistance zone between 99.80 and the psychological 100.00 mark, where the 100-day SMA at 99.80 and the 50-day SMA at 99.95 are closely aligned.
Momentum indicators show that buying pressure is rebuilding, but a breakout has not been confirmed. The Relative Strength Index (RSI) stands near 54, and a positive, rising Moving Average Convergence Divergence (MACD) histogram hints that bullish momentum is attempting to rebuild while price remains confined under nearby moving-average resistance.
A Fed rate hike alone may not be enough to push the index through the 99.80-100.00 resistance zone because the move is already priced in. The Dollar would likely need hawkish economic projections or a signal from Chairman Warsh that additional hikes are coming. A sustained break above 100 would confirm stronger bullish momentum and expose the next resistance levels at 100.50 and 101.50.
Conversely, a surprise hold or cautious guidance could trigger a pullback below the 200-day SMA at 99.13. Such a move would shift attention back toward the double-bottom support around 98.50. A decisive break below this area would invalidate the developing recovery structure and leave the index vulnerable to deeper losses.
(The technical analysis of this story was written with the help of an AI tool. Know more.)
Fed FAQs
Monetary policy in the US is shaped by the Federal Reserve (Fed). The Fed has two mandates: to achieve price stability and foster full employment. Its primary tool to achieve these goals is by adjusting interest rates. When prices are rising too quickly and inflation is above the Fed’s 2% target, it raises interest rates, increasing borrowing costs throughout the economy. This results in a stronger US Dollar (USD) as it makes the US a more attractive place for international investors to park their money. When inflation falls below 2% or the Unemployment Rate is too high, the Fed may lower interest rates to encourage borrowing, which weighs on the Greenback.
The Federal Reserve (Fed) holds eight policy meetings a year, where the Federal Open Market Committee (FOMC) assesses economic conditions and makes monetary policy decisions. The FOMC is attended by twelve Fed officials – the seven members of the Board of Governors, the president of the Federal Reserve Bank of New York, and four of the remaining eleven regional Reserve Bank presidents, who serve one-year terms on a rotating basis.
In extreme situations, the Federal Reserve may resort to a policy named Quantitative Easing (QE). QE is the process by which the Fed substantially increases the flow of credit in a stuck financial system. It is a non-standard policy measure used during crises or when inflation is extremely low. It was the Fed’s weapon of choice during the Great Financial Crisis in 2008. It involves the Fed printing more Dollars and using them to buy high grade bonds from financial institutions. QE usually weakens the US Dollar.
Quantitative tightening (QT) is the reverse process of QE, whereby the Federal Reserve stops buying bonds from financial institutions and does not reinvest the principal from the bonds it holds maturing, to purchase new bonds. It is usually positive for the value of the US Dollar.
- Gold stalls below the 100-day SMA as Treasury yields bite.
- Fed hike odds near certainty, keeping non-yielding bullion pressured.
- A break below $4,275 could reopen broader downside momentum.
Gold (XAU/USD) price holds firm on Tuesday, capped on the upside by solid resistance at the 100-day Simple Moving Average (SMA) at $4,328, while broad US Dollar strength and elevated US bond yields weighed on the non-yielding metal. At the time of writing, the XAU/USD pair trades at $4,295, down 0.06%.
XAU/USD stalls beneath key resistance as Fed hike becomes near certainty
The Houthis' attack on the Saudi Arabia East-West Oil pipeline pushed energy prices higher and would shut production of around 7 million barrels a day for at least three to five weeks. Investors fearful of another round of inflation pushed the US 10-year Treasury yield past the 5% threshold to levels not seen in almost 19 years, before stabilizing at exactly 5.00%.
Last week’s inflation figures and geopolitical developments pushed markets to almost fully price in a 25-basis-point rate hike by the Federal Reserve (Fed) to 3.75%-4%, with odds standing at 95%, making bullion less appealing due to its non-yielding properties.
For the October meeting, the odds of a rate hike are 97%, and for December, 99%, according to Prime Terminal.
Given the potential start of a tightening cycle in the US, Gold could resume its downtrend despite a short-term bottom near the 50-day SMA at $4,275.
The US Dollar Index (DXY), which measures the performance of the Greenback against a basket of six currencies, is at 99.66, up 0.19%.
Earlier, the ADP Employment Change 4-week average rose by 16.25K above last week’s print, revised upward to 12.25K.
The central bank bonanza begins with the Federal Reserve monetary policy decision on Wednesday. Next, the Bank of England is expected to keep the Bank Rate at 3.7%, with a 6-3 vote split likely for the third time. On Friday, the Bank of Japan is likely to raise rates by 25 basis points to 1.25%.
This is another reason why bullion prices are under downward pressure. Although it is a strong asset for inflation hedging, increasing global bond yields weaken its attractiveness.
XAU/USD Price Forecast: Gold poised to consolidate further, around $4,300
Price action shows Gold is trapped between the 100- and 50-day SMAs, with the former acting as the first key resistance and the latter the first line of defense for bulls. The Relative Strength Index (RSI), although bearish, does not provide a clear clue of who is winning the battle in the short term. This suggests that further sideways trading lies ahead.
For a bullish breakout, Gold must clear the 100-day SMA at $4,328. Once it has cleared the psychological $4,350, $4,400 is up next, before traders could aim to the $4,500 milestone. If those levels are removed, the 200-day SMA becomes the next supply area at $4,539, ahead of $4,600.
On the flip side, if XAU drops below the 50-day SMA at $4,275, it opens the way to challenge the July 6 high at $4,202, followed by the July 29 swing low of $3,996 under the $4,000 psychological mark.
Gold FAQs
Gold has played a key role in human’s history as it has been widely used as a store of value and medium of exchange. Currently, apart from its shine and usage for jewelry, the precious metal is widely seen as a safe-haven asset, meaning that it is considered a good investment during turbulent times. Gold is also widely seen as a hedge against inflation and against depreciating currencies as it doesn’t rely on any specific issuer or government.
Central banks are the biggest Gold holders. In their aim to support their currencies in turbulent times, central banks tend to diversify their reserves and buy Gold to improve the perceived strength of the economy and the currency. High Gold reserves can be a source of trust for a country’s solvency. Central banks added 1,136 tonnes of Gold worth around $70 billion to their reserves in 2022, according to data from the World Gold Council. This is the highest yearly purchase since records began. Central banks from emerging economies such as China, India and Turkey are quickly increasing their Gold reserves.
Gold has an inverse correlation with the US Dollar and US Treasuries, which are both major reserve and safe-haven assets. When the Dollar depreciates, Gold tends to rise, enabling investors and central banks to diversify their assets in turbulent times. Gold is also inversely correlated with risk assets. A rally in the stock market tends to weaken Gold price, while sell-offs in riskier markets tend to favor the precious metal.
The price can move due to a wide range of factors. Geopolitical instability or fears of a deep recession can quickly make Gold price escalate due to its safe-haven status. As a yield-less asset, Gold tends to rise with lower interest rates, while higher cost of money usually weighs down on the yellow metal. Still, most moves depend on how the US Dollar (USD) behaves as the asset is priced in dollars (XAU/USD). A strong Dollar tends to keep the price of Gold controlled, whereas a weaker Dollar is likely to push Gold prices up.
Commerzbank’s FX analysts Charlie Lay and Moses Lim note that the Korean Won has rallied nearly 15% against the Dollar since late June, driven less by the current account surplus and more by structural shifts in flows. They highlight increased NPS FX hedging, corporate ADR-related repatriation and strong BoK-backed fundamentals, but expect USD/KRW to consolidate around 1,330–1,380 near term as authorities temper further appreciation.
Won rally meets structural flow shifts
"However, after appreciating by nearly 15% against USD since end-June, the easy gains may be behind us."
"BoK expects the current-account surplus to reach a record USD450bn in 2026 and remain elevated at USD430bn in 2027, driven by the semiconductor export boom, while its back-to-back rate hikes and continued tightening bias provide additional support."
"The current account surplus and Bank of Korea’s hawkish tone should provide continued support for KRW but given the strong rally, we look for consolidation in the near term."
"As such, further KRW appreciation is likely to be more gradual, and we look for USD/KRW to consolidate around 1,330-1,380 in the near term."
(This article was created with the help of an Artificial Intelligence tool and reviewed by an editor. Know more.)
- USD/CAD advances for a fifth straight day as the US Dollar remains firm ahead of the Fed decision.
- WTI Oil trades around $100, limiting losses in the commodity-linked Canadian Dollar.
- The 10-year US Treasury yield rises above 5%, reaching its highest level since 2007.
USD/CAD extends its advance for a fifth consecutive day on Tuesday, hovering near a two-week high as the US Dollar (USD) stays firmly supported ahead of the Federal Reserve’s (Fed) monetary policy announcement on Wednesday. However, rising Oil prices offer some support to the commodity-linked Canadian Dollar (CAD), keeping the pair’s gains contained. At the time of writing, USD/CAD trades around 1.3913, little changed on the day.
Markets are almost fully pricing in a Fed rate hike on Wednesday as the energy shock stemming from the war in the Middle East complicates the central bank’s task of bringing inflation sustainably back toward its 2% target. Headline Consumer Price Index (CPI) inflation stood at 3.4% YoY in August, while the Producer Price Index (PPI) accelerated to 5.4%.
Reflecting these concerns, the benchmark 10-year US Treasury yield climbed above 5% on Tuesday, reaching its highest level since 2007. Hawkish Fed expectations and elevated Treasury yields keep the US Dollar supported. The US Dollar Index (DXY), which tracks the Greenback against a basket of six major currencies, trades near 99.60, close to a two-week high.
With a quarter-point Fed hike largely priced in, attention will turn to the updated economic projections and comments from Fed Chairman Kevin Warsh, particularly how policymakers assess Oil-driven inflation as the war in the Middle East shows no signs of ending and could keep energy prices elevated for the foreseeable future.
West Texas Intermediate (WTI) Oil trades above $100 a barrel, around levels last seen on May 21. Higher Oil prices typically support the Canadian Dollar because Canada is a major crude exporter. However, the Loonie struggles to capitalise as a firmer US Dollar and hawkish Fed expectations remain the stronger forces, while the Bank of Canada’s (BoC) steady policy approach leaves the interest rate gap tilted in favour of the Greenback.
Strategists at Scotiabank note that the latest Canadian CPI release was “broadly in line with expectations” and “did little for the CAD or for short-term rates,” but they stress that “toasty underlying trends in core measures maintain the focus on price risks and the potential for the BoC to start normalizing still accommodative monetary policy later this year.”
On the technical side, they “continue to note a significant resistance zone between the low/mid 1.39s, however, defined by trend resistance, the 40-and 100-day moving averages, retracement resistance, and the early September high,” while flagging that “initial USD support is 1.3825/30 and 1.3730/60.”
Fed FAQs
Monetary policy in the US is shaped by the Federal Reserve (Fed). The Fed has two mandates: to achieve price stability and foster full employment. Its primary tool to achieve these goals is by adjusting interest rates. When prices are rising too quickly and inflation is above the Fed’s 2% target, it raises interest rates, increasing borrowing costs throughout the economy. This results in a stronger US Dollar (USD) as it makes the US a more attractive place for international investors to park their money. When inflation falls below 2% or the Unemployment Rate is too high, the Fed may lower interest rates to encourage borrowing, which weighs on the Greenback.
The Federal Reserve (Fed) holds eight policy meetings a year, where the Federal Open Market Committee (FOMC) assesses economic conditions and makes monetary policy decisions. The FOMC is attended by twelve Fed officials – the seven members of the Board of Governors, the president of the Federal Reserve Bank of New York, and four of the remaining eleven regional Reserve Bank presidents, who serve one-year terms on a rotating basis.
In extreme situations, the Federal Reserve may resort to a policy named Quantitative Easing (QE). QE is the process by which the Fed substantially increases the flow of credit in a stuck financial system. It is a non-standard policy measure used during crises or when inflation is extremely low. It was the Fed’s weapon of choice during the Great Financial Crisis in 2008. It involves the Fed printing more Dollars and using them to buy high grade bonds from financial institutions. QE usually weakens the US Dollar.
Quantitative tightening (QT) is the reverse process of QE, whereby the Federal Reserve stops buying bonds from financial institutions and does not reinvest the principal from the bonds it holds maturing, to purchase new bonds. It is usually positive for the value of the US Dollar.
- Silver edges higher on Tuesday after recently coming under pressure from rising bond yields.
- Investors limit their exposure ahead of Wednesday’s monetary policy decision.
- Higher energy prices fuel inflation concerns and reinforce expectations of tighter monetary policy.
Silver (XAG/USD) trades around $63.40 on Tuesday at the time of writing, up 0.28% on the day. The white metal attempts to stabilize as investors refrain from taking large positions ahead of the United States (US) Federal Reserve (Fed) monetary policy decision on Wednesday.
Silver continues to face a challenging environment due to a firm US Dollar (USD) and elevated US Treasury yields. Higher yields increase the opportunity cost of holding non-yielding assets such as precious metals and could therefore limit attempts by XAG/USD to extend its recovery.
Bond yields are also rising across several major economies as the energy shock caused by the war in the Middle East revives inflation concerns. Higher Oil prices are making the task more difficult for central banks seeking to bring inflation sustainably back toward their targets.
In the United States, the Consumer Price Index (CPI) rose 3.4% YoY in August, while the Producer Price Index (PPI) accelerated to 5.4% from 4.8% in July. These figures, combined with recent Fed communication emphasizing the need to contain inflationary pressures, reinforce expectations of an interest rate hike on Wednesday.
Much of the risk surrounding a hawkish Fed decision, however, appears to be already priced in. Investors’ attention is therefore likely to focus primarily on the central bank’s updated economic projections and comments from Fed Chair Kevin Warsh regarding the future path of interest rates.
Silver could remain under pressure if the Fed signals that a September rate hike marks the beginning of a more sustained tightening cycle. Such a scenario could push US Treasury yields higher and support the US Dollar, two factors that are generally negative for the white metal.
Conversely, a less hawkish-than-expected message could offer some relief to Silver, particularly if it triggers a decline in bond yields and the US Dollar. The market therefore remains particularly sensitive to any guidance the Fed provides regarding its upcoming policy decisions.
Beyond monetary policy, the rise in global bond yields also reflects increasing government financing needs and concerns over fiscal sustainability. Over the longer term, these worries could support demand for precious metals as alternatives to sovereign assets, although the interest rate outlook remains the main driver for Silver for now.
Silver FAQs
Silver is a precious metal highly traded among investors. It has been historically used as a store of value and a medium of exchange. Although less popular than Gold, traders may turn to Silver to diversify their investment portfolio, for its intrinsic value or as a potential hedge during high-inflation periods. Investors can buy physical Silver, in coins or in bars, or trade it through vehicles such as Exchange Traded Funds, which track its price on international markets.
Silver prices can move due to a wide range of factors. Geopolitical instability or fears of a deep recession can make Silver price escalate due to its safe-haven status, although to a lesser extent than Gold's. As a yieldless asset, Silver tends to rise with lower interest rates. Its moves also depend on how the US Dollar (USD) behaves as the asset is priced in dollars (XAG/USD). A strong Dollar tends to keep the price of Silver at bay, whereas a weaker Dollar is likely to propel prices up. Other factors such as investment demand, mining supply – Silver is much more abundant than Gold – and recycling rates can also affect prices.
Silver is widely used in industry, particularly in sectors such as electronics or solar energy, as it has one of the highest electric conductivity of all metals – more than Copper and Gold. A surge in demand can increase prices, while a decline tends to lower them. Dynamics in the US, Chinese and Indian economies can also contribute to price swings: for the US and particularly China, their big industrial sectors use Silver in various processes; in India, consumers’ demand for the precious metal for jewellery also plays a key role in setting prices.
Silver prices tend to follow Gold's moves. When Gold prices rise, Silver typically follows suit, as their status as safe-haven assets is similar. The Gold/Silver ratio, which shows the number of ounces of Silver needed to equal the value of one ounce of Gold, may help to determine the relative valuation between both metals. Some investors may consider a high ratio as an indicator that Silver is undervalued, or Gold is overvalued. On the contrary, a low ratio might suggest that Gold is undervalued relative to Silver.
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