Silver has fallen every week for 12 weeks, except one when we closed unchanged. Clearly a very strong bear trend therefore. No sign of a bottoming out yet
Silver FuturesDecember contract Daily Forecast – 01 October 2014
Silver has fallen every week for 12 weeks, except one 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 & 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 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.
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