The downward trend should continue in the coming weeks, no signs currently for a bullish reversal. There is a point still positive in the long term, namely a trend line starting from the lowest in 2004, touching the lowest point of end of December 2008 (see the orange line on the graph) where prices bounced again in November 2014 after flash crack knocking silver on 14$ But eight months after, Silver has still not taken off.
I expect a further correction if the $14 threshold should break. I also look at the RSI to confirm the bullish divergence that is already emerging.
Target 11.3$.
Comment
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5 years later...pattern completed :(
Comments
AndreyYakamovich
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thank you for chart.
IvanLabrie
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Agreed, gold rushed down but silver didn't. It's only natural to expect bearish continuation here next.