Broadening wedge on Silver

FX:XAGUSD   Silver / U.S. Dollar
The dramatic silver             rally we saw at the start of the week was likely thanks to a short squeeze as there was really no reason to see such heavy selling pressures in Asia on Monday morning. The market set it's week's lows at a long term bullish trend line extending from 2003. I had initially thought that this trend line was somewhere around the $13.50 level. I'm still not entirely sure whether or not it is really at $14, but the market's reaction (over 10% jump from Monday's lows to highs) suggests that it is.

As I see upside potential in the platinum             market right now (see related idea), it seems about the right time to start anticipating a silver             reversal. Some traders will probably try to aggressively buy a new dip towards the long-term bullish trend line , but any new fall in prices will warrant caution at the end of the month. The best would be to see silver             fall again towards the $14 level and then start hesitating just before the start of 2015. Another option, that would perhaps be a bit more simple to trade, would be to wait for price to break above $17 to confirm not only the broadening wedge formation but also a breakout above the three-year bearish trend line .
EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
SV Svenska
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
AR العربية
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out