Luettis

Silver on turning point

TVC:SILVER   CFDs on Silver (US$ / OZ)
Silver has had an incredible loss from 17,20$ to 14,00$ (-18%) within 3 months.
Precious metals often are weak in the summer months, but this loss has been unexpected.

As we can see in the chart, it has broken several chart patterns:
3 descending peaks - and the neckline
a big negative triangle - it crossed the bottom line (fib retracement 23.6%)
the long term falling trend line


And 2 swing trend lines . On the scond one it rebounded and is still fighting on this level.

The indicators RSI and MACD have fallen also, with some volatility of course. They´ve reached very bearish terrain.

But, since 09-04 the silver price has stopped its rush and the swing trend line at ~14.10 consists as support level .
A small rectangle (green) is showing a possible trend channel to the side. As long as silver stays within this zone there is some hope that it´ll leave the negative trend channel on the upper side.

Positive signals are coming from RSI and MACD as well.

If, of course, Silver plumpes out of the neutral reactangle to the bottom the little hope is finished.

The next aim should be the upper limit of the trend channel at least on 14.20$ or above, followed by the next swing trend line at ~14.80$. And then Silver has to break the bigger resistance at 15.50$ (fib retracement 23.6%).

This is no trading advice.


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