A silver exchange traded fund dipped below two key moving averages on Tuesday as investors fussed over the Greek debt swap and moved into cash.
The iShares Silver Trust (NYSEArca: SLV) lost 3.7% at last check Tuesday. The fund fell below both its 50-day and 200-day exponential moving averages today.
“A break and close under the 200 DMA would invite the trend followers to reverse longs and sell short,” Carlos Perez-Santalla, trader at PVM Futures, said in a Reuters report.
Silver was sold off Tuesday, following on the heels of gold.
“People who are long gold are getting out. They don’t like what’s going on with Greece and the stock market is decisively lower. It’s a matter of raising money,” Jonathan Jossen, COMEX gold options floor trader, said in the article. [Gold Surrenders $1,700 as ETFs Test Moving Averages]