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London Session Watch - Silver

FX:XAGUSD   Silver / U.S. Dollar
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Silver has fallen through the up sloping trend line which could lead the price lower in today's London session. Silver has been in a consolidation for around 1 week and is now breaking out. The long term trend for this market is still down as the price remains below the 200 period golden moving average. The current resistance level is at 17.62 with support at 16.75. Note that the Parabolic SAR indicator is supporting the breakdown of the up sloping trend line which increases the odds for sellers. Ideally we would like to have the volatility to increase upon the breakdown but the volatility remains very low as we can see through the Average True Range (ATR) indicator but usually low volatility is followed by large volatility , and if that happens in today's London session, we could potentially have great selling opportunities in today's London session. On the flip side, the Stochastic indicator and Commodity Channel Index ( CCI ) are showing the price is currently oversold which might be the reason for the low volatility but we could still have great selling opportunities in today's London session when the volatility increases.
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