Silver in descending channel but no problem
see chart pattern - all is described within
I don´t expect a real correction in prices; perhaps some little dips only.
What is more probable is that Silver could go sideways, but stays above the long descending line coming from 2011.
next aim should be 18.24$ - the upper limit of the trend channel (red)
we need momentum to break through its upper limit and to head for the first retracement (78.6% / 21.39$). There a strong resistance is to be expected (see prices in 2013 - 2014).
Very negative sign would be if the Silver price falls back under the descending line
Indicators:
RSI: bullish
MACD: neutral
ADX: fallling momentum, +DI and -DI are falling as well = no positive signal coming from ADX
I don´t expect a real correction in prices; perhaps some little dips only.
What is more probable is that Silver could go sideways, but stays above the long descending line coming from 2011.
next aim should be 18.24$ - the upper limit of the trend channel (red)
we need momentum to break through its upper limit and to head for the first retracement (78.6% / 21.39$). There a strong resistance is to be expected (see prices in 2013 - 2014).
Very negative sign would be if the Silver price falls back under the descending line
Indicators:
RSI: bullish
MACD: neutral
ADX: fallling momentum, +DI and -DI are falling as well = no positive signal coming from ADX