Like Gold, Silver May Be Headed Down As Well

FX:XAGUSD   Silver / U.S. Dollar
A couple of days ago, I spoke on a potential downward reversal in gold             but have we just formed a double-top in silver             also? From all appearances, we have done just that...which means that silver             prices are likely headed down. We’ve reached the top of a 5-year trend channel, a reverse trend channel at that. In early July, prices also touched the top of a short-term reversal trend channel. On a side note: For those who are unaware, reverse trend channels work really well for measuring a market who's movement has become really steep. In my experience, reversal trend channels are highly accurate at anticipating reversals.

Another indication of a bearish change in behavior is that the last down-wave had really large volume while the responding up-wave contained only half the volume of the down-wave, suggesting that supply is entering the market and demand is tiring. Friday's trading session also had a wide price range, indicating ease of movement , AND we managed to close near the low.

Result: Bearish

First level of Support: If $19 is taken out, I'd look for major support in the $18 area.
Target: If this is a complete turn-around, prices can go in the $14 area.
EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
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
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