p4917

Bearish case for silver

TVC:SILVER   CFDs on Silver (US$ / OZ)
This would be the bearish case for silver:
Triangle pattern broken to the downside. Price quotes are under the 50's MA. Target for this case according to the height of the triangle would be ~17 USD / Oz..

According to inflation and so on it would be a rather unlikely scenario, but the market does what the market does.
Comment: Update:
The calculated target should be within the area of 17.00 - 18.50 USD. In any case, it'll have to cut through the 200's MA but I think this won't be a problem.
Comment: Currently, XAG/USD is dropping further. On the daily timeframe, the inverse SHS chart pattern seems to be very unlikely now. By the end of next week, a death cross is coming up on the daily timeframe. So all in all it doesn't look such shiny for silver.
Comment: 2 weeks of an upward correction in silver. Technically the bearish case is still open. Strong resistance ahead at 24.82 USD. I could see silver dropping again from the current week's high but both possibilities are feasible.
Comment: consider profit-taking.
Trade closed manually: Closed the trade now. Consider going short again with prices under 22.00 USD.