FX:XAGUSD Silver/U.S. Dollar
Silver price XAGUSD displays signs in the form of a 'selling-climax'-like price action near to 52 week. This could be exhaustion on the part of sellers and potential for a reversal setup. There is however also a flag-like pattern that suggests continuation of the near term down trend that started in November last year. Therefore there is chance for price to go lower. For a price reversal to succeed in favour of bulls, price must penetrate the overhead confluence zone around 20.50-60 (blue horizontal line) decisively. A bull-trap at the same zone would be a signal for bears.
Dear sir, I have read about this tax thing in the zerohedge forum. It is my impression that this is an American-centric practice. Please correct me if I am wrong. But looking at this chart http://www.ingoldwetrust.ch/wp-content/uploads/SGE-yearly-vs-COMEX1.png by KoosJansen, I wonder why US-selling should have any impact at all. Again I may be wrong since I am a technical person and unfamiliar with tax practices elsewhere.
I just like to clarify that I was being scatterbrained to post a link to a gold related chart while the discussion here is on XAGUSD. Please pardon me. However let me emphasise again that I am looking at technicals as well as not being familiar with tax-related buying and selling motives.