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Silver: No Bottom In Sight

Published 10/01/2014, 07:50 AM
Updated 07/09/2023, 06:31 AM

Silver Futures Technicals

Silver has fallen every week for 12 weeks, except once when we closed unchanged. Clearly a very strong bear trend therefore. No sign of a bottoming out yet so the break of 1745/40 was expected as was the break of 1732/27 and we hit our target of 1715/10 this week.

This held initially for a nice bounce back to 1740 then another collapse from here to 1685. Probably no need to repeat this, but we are in a very strong bear trend! A break below 1685/80 keeps the market under pressure to target 1655/50 then 1630.

Immediate resistance at 1727/32 could hold a move higher but above here a selling opportunity at 1743/45 with stops above 1752.

Latest comments

If you count the weeks its the same amount of time as the US "silver fix" has been in place.
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