Thursday, November 05, 2015

Silver Breaking Down

We have looked at the weekly channel on subscriber updates and looked at the short term based on RSI and 20 day MA (see link). The short term bearish outlook is now confirmed as silver has dropped from its $16.35 high.

You can see the perfectly formed parallel daily channel which will determine where silver is going in the short term. Having bounced off the top channel for the fifth time, another visit to the bottom channel at about $14.70 is on the cards. Anything below that and it gets more interesting.

On the weekly channel side, we are a far way off touching its bottom line.


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