Silver snaps back, are we going to rally to downtrend channel?

7 พ.ย. 2014

Silver has been smashed over the past few weeks. I foolishly opened a long @ 16.8, didn't set a stop then promptly fell asleep. I countered this with a 2x short @ 16.558 and rode it down closing at ~15.15 and therefore making back a fair bit of the loss I've been carrying on my initial long. I've now longed more from ~15.4 as we snapped back. I've always been long term bullish on Silver/Gold with physical stocks at all time lows the paper players seem determined to remove all hope. Nonetheless following the rapid ascension off an apparent low I'm expecting at least a retest of the downtrend channel that we've been caught in following the breakout above the much longer (multi year) downtrend channel. I've published this chart zoomed out but the 4 hour on more recent timeframes certainly seems to suggest we're looking at a bullish continuation to at least the upper channel line.